World Bank approves $1.2 billion budget support for Kenya

NAIROBI, May 30 (Reuters) – The World Bank on Thursday approved the first of three budget support packages for Kenya worth $1.2 billion, to help the East African country address short-term fiscal pressures and accelerate green policies.

The funding had been agreed amid an improved macroeconomic environment following government efforts to address liquidity pressures, depressed investor confidence and limited capital inflows that had resulted in a rapidly depreciating shilling, the bank said in a statement.