World Bank heaps praise on Uhuru Kenyatta for growing Kenya’s economy
World Bank heaps praise on Uhuru Kenyatta for growing Kenya's economy amid tough economic times
World Bank heaps praise on Uhuru Kenyatta for growing Kenya’s economy amid tough economic times.
The former president Uhuru Kenyatta’s administration in Kenya received accolades from the World Bank for leading the nation toward economic recovery.
This came after the epidemic and the Russian invasion of Ukraine, which disrupted global trade and shook the majority of the world’s economies.
The financial organization said in its Kenya Economic Update (2022) report that the economy had expanded strongly 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 the Kenyan economy rebounded and continued to register a positive growth to the mid of 2022,” the report stated.
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 the first half of 2022, driven by broad-based increases in services and industry,” the report revealed further.
The World Bank commended former president Uhuru Kenyatta for a series of initiatives he took to protect Kenyan investors from external shocks, protect the country’s economy and achieve positive development.
“The rebound in the 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.
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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.
However, following negotiations between the financial institution and the relevant banks, the charges will start up again in January 2023.
Uhuru received praise from the World Bank for ensuring a peaceful election and subsequent transition of power. The banking institution highlighted that the economy’s growth was significantly influenced by the transition.
“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).
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