Economics
Kenya Plans $503 Million Economic Stimulus to Battle Virus
- Government to give credit guarantees, small business loans
- Treasury sees 2020 economic growth slowing to 2.5% on virus
A worker pushes a trolley bed into position at the Machakos County Field Hospital near Nairobi, Kenya, on May 4.
Photographer: Patrick Meinhardt/BloombergThis article is for subscribers only.
Kenya plans to spend 53.7 billion shillings ($503 million) on a stimulus package to support businesses that have been hit by the coronavirus pandemic, according to the National Treasury.
The so-called post-Covid-19 economic stimulus package will provide credit guarantees, loans to small businesses and help prop up tourist facilities, Treasury Secretary Ukur Yatani said in letter to parliament. Yatani told the legislature that President Uhuru Kenyatta approved the package, and asked lawmakers to amend his earlier 2020-21 budget proposals by adding the new provisions.