Italy Pledges to Give Ruto’s Gov’t Ksh22 Billion Loan Under 1 Condition

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Italy Pledges to Give Ruto’s Gov’t Ksh22 Billion Loan Under 1 Condition

A delegation from Italy that recently arrived in the country has made a commitment to provide a concessional loan of Ksh22 billion (€150 million) to the administration of President William Ruto.

The Italian Ministry of Foreign Affairs delegation stated that the loan will provide financial assistance to the Kenya Kwanza administration.

During a meeting with Treasury officials presided over by Principal Secretary Chris Kiptoo, this information was revealed.

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Nevertheless, Italy specified that the funds would not be disbursed until Kenya acquiesced to the implementation of the reform measures delineated in the 6th Development Policy Operation (DPO).

In order to enhance fiscal sustainability, the policy will implement reforms that promote greater transparency and combat corruption.

The multi-sector reforms implemented by the DPO are structured around three pillars: fiscal and debt reforms, which aim to improve the efficiency and transparency of spending and the performance of the domestic debt market; reforms in the electricity sector and public-private partnership (PPP) systems, which stimulate private infrastructure investment and position Kenya on a green energy trajectory; and reinforcement of the governance framework pertaining to Kenya’s natural and human capital, encompassing land, water, health, and the environment.

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Before remitting the funds, Italy noted that Kenya must commit to implementing the measures.

“During the discussions, the Italian Republic committed to providing a concessional loan of €150 million to the GoK for budgetary assistance. This support is contingent upon the successful implementation of the reform measures outlined in the 6th Devt Policy Operation DPO 6,” a statement issued by the Treasury read in part.

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Italy Pledges to Give Ruto’s Gov’t Ksh22 Billion Loan Under 1 Condition

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