Kenya targets KSh151.2bn from World Bank after IMF programme lapsed

On 20-21 August 2026 Kenya's National Treasury said it is seeking KSh151.2 billion from three World Bank windows (KSh94.2bn DPO, KSh52bn RRO, KSh5bn PforR) to cover 2026/27 external financing needs after its IMF-supported programme lapsed in March 2025.

Treasury reliance on a large World Bank package—subject to reform-linked conditions—raises conditional fiscal funding risk. Until either a new IMF arrangement or confirmed multilateral disbursements materialise, the shift can tighten fiscal flexibility and increase refinancing risk for Kenyan KES sovereign bonds and external eurobond maturities, potentially pressuring the shilling and premia on sovereign USD debt.

World Bank approval and disbursement decision for the KSh94.2bn DPO tranche (and any RRO activation).