The World Bank is withholding a Ksh14 billion loan to Kenya that was meant to fund vaccines.
According to a report, the World Bank refused to release the Ksh14 billion that the Treasury intended to use to procure vaccines.
Notably, the World Bank approved the loan in June 2021, but they held back the money causing a delay in procurement of the vaccines by the government.
A report by a local publication indicated that the World Bank stated that the loan will be released once Kenya meets certain undisclosed conditions that the country was expected to meet before getting the loan.
However, the Treasury and the World Bank did not reveal what the terms set by the Washington-based lender were but this comes amid concerns by Kenyans on the international financiers, due to lack of accountability from the Kenyan government.
Angry Kenyans took to social media calling out the government and the International Monetary Fund for giving Kenya loans that would only end up in the pockets of a few individuals.
Following the calls by Kenyans to cancel loans, the IMF mounted pressure on Kenya to disclose names and details of secret investors and shareholders in firms that are awarded government tenders.
This was one of the conditions the international lender imposed on Kenya when it disbursed a Ksh43.8 billion loan for budget support.
IMF Deputy Managing Director, Antoinette M. Sayeh, stated that important advances were being made on the governance agenda in Kenya but she wanted the President to unmask shareholders who enjoy state benefits.
She also asked the government to prosecute individuals found guilty in the Covid-19 Kenya Medical Supplies Agency (KEMSA) scandal.
"Going forward, effective follow-up by the appropriate institutions on the findings of the audits will be essential," Sayeh wrote on IMF's blog.
She added that the Central Bank of Kenya (CBK) had provided critical support during the loan review process, detailing monetary policies that guide inflation.
The government also enhanced the structural reform agenda by restructuring parastatals, which increased the wage budget.
