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The National Treasury Cabinet Secretary John Mbadi will present a pre-election budget today with a gaping Sh1.1 trillion deficit at a time when both the International Monetary Fund (IMF) and World Bank have held back funding, forcing President William Ruto’s government to rely almost entirely on domestic borrowing or raise new taxes.
Speaking at a post-monetary policy briefing on Wednesday, Central Bank of Kenya (CBK) Governor Kamau Thugge confirmed that the World Bank has yet to disburse a Sh96.9 billion loan under its Development Policy Operation and that negotiations are still ongoing.
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