NewsWorld Bank Praises Uhuru for Growing Kenya's Economy

World Bank Praises Uhuru for Growing Kenya's Economy

-

- Advertisment -spot_img

  • The World Bank praised the Kenyan government under the administration of former president Uhuru Kenyatta for guiding the country towards economic recovery.

    This was after most economies in the world were shaken by the pandemic and the Russian invasion of Ukraine that disrupted trade worldwide.

    In its Kenya Economic Update (2022) report, the financial institution noted that the economy had grown significantly in 2021 and the first half of 2022.

    “The Russian invasion of Ukraine and subsequent sanctions disrupted world markets, most notably through sharply raising global commodity prices but Kenyan economy rebounded and continued to register a positive growth to the mid of 2022,” the report stated.

    Former President Uhuru Kenyatta
    Former President Uhuru Kenyatta
    File

    According to World Bank, Kenya registered one of the best Gross Domestic Product (GDP) growth in the continent.

    “Partly reflecting a base effect, real GDP increased by 7.5 percent in 2021 and 6.0 percent y/y in first half of 2022, driven by broad-based increases in services and industry,” the report revealed further.

    Former President Uhuru Kenyatta initiated a raft of measures that cushioned Kenyan investors from global shocks hence saving the economy and realising positive growth, something that was praised by the World Bank.

    “The rebound in first half of 2022 was driven by resilient consumption growth, underpinned by buoyant international remittances, increase in minimum monthly wage, and large fiscal subsidies to cushion from the regional drought and global commodities market shocks,” World Bank praised Uhuru’s subsidy program.

    Through fuel subsidies, most industries could continue their operations amidst rising fuel prices across the globe.

    The former president also enabled Kenyans to access credit by freezing Credit Reference Bureau (CRB) negative listing.

    CRB reports listed from October 2020 will not apply for another 12 months,” the former President announced in October 2021.

    In March 2020, in another move to save the Kenyan economy, the government announced a halt of bank mobile money transfer charges.

    “Banks will ensure that transfer between mobile wallets and the bank accounts will be costless,” the Central Bank of Kenya (CBK) announced in a statement back then.

    President William Ruto receives instruments of power from his predecessor, Uhuru Kenyatta, on Tuesday, September 13, 2022 at Kasarani Stadium
    President William Ruto receives instruments of power from his predecessor, Uhuru Kenyatta, on Tuesday, September 13, 2022, at Kasarani Stadium
    Facebook
    William Ruto

    The charges will, however, resume in January 2023 following consultations between the financial institution and respective banks.

    World Bank also lauded Uhuru for overseeing a peaceful electioneering period and subsequent transfer of power. The financial institution noted that the transition largely contributed to the growth of economy.

    “Business confidence picked up in the wake of a smooth transition of power following a largely peaceful presidential election,” World Bank announced.

    The financial institution was one of the biggest financiers of the Uhuru regime, alongside the International Monetary Fund (IMF). 

  • Source: kENYANS.CO.KE

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest news

    Was ist eine toxische on-off-beziehung?

    Was ist eine toxische on-off-beziehung?What is a toxische on-off-beziehung? a toxische on-off-beziehung is a type of relationship where one...

    Ex-Govt Official in Ksh1.3 Billion Scandal Hospitalised After Court Release

    Former Nairobi Provincial Commissioner Davis Nathan Chelogoi is set to receive ongoing medical treatment at a hospital in the...

    Raila Allies Pile Pressure on Ruto as Talks Hit Dead End

    National Assembly Minority Leader Opiyo Wandayi, a close ally of opposition leader Raila Odinga and a senior member of...

    'They’re Jealous of Me', Nakhumicha Over Recent Criticism

    Cabinet Secretary (CS) for Health Susan Nakhumicha has strongly condemned the individuals criticising her over allegations of underperformance within...
    - Advertisement -spot_imgspot_img

    Court Orders City Lawyer Behind Ksh 283M Scam to Refund Loot

    The High Court on Thursday ordered a Nairobi lawyer to refund Ksh25 million he is accused of obtaining fraudulently. While...

    How to Buy Cryptocurrency with M-Pesa in Kenya: A Step-by-Step Guide on Binance

    Are you a Kenyan interested in purchasing cryptocurrencies using M-Pesa? Although direct purchases of cryptocurrencies via M-Pesa are currently...

    Must read

    Was ist eine toxische on-off-beziehung?

    Was ist eine toxische on-off-beziehung?What is a toxische on-off-beziehung?...

    Ex-Govt Official in Ksh1.3 Billion Scandal Hospitalised After Court Release

    Former Nairobi Provincial Commissioner Davis Nathan Chelogoi is set...
    - Advertisement -spot_imgspot_img

    You might also likeRELATED
    Recommended to you