Building on the World Bank's earlier pledges, Kenya's Central Bank has sought urgent funding to stabilize fuel supplies disrupted by the Iran war. Governor Kamau Thugge announced this at the IMF-World Bank Spring Meetings in the US, as President Ruto assured Kenyans of moderated prices.
Central Bank Governor Kamau Thugge confirmed Kenya requested 'significant' rapid financial support via the World Bank's emergency mechanisms, speaking on the sidelines of the IMF-World Bank Spring Meetings in the United States. The aid targets stabilizing fuel supply and preventing further pump price hikes amid global disruptions from the war in Iran.
While exact amounts were not disclosed, this follows the World Bank's March announcement of coordinated aid for vulnerable nations like Kenya facing fuel and fertilizer shortages due to the conflict. Kenya, heavily reliant on imported petroleum, has seen rising import costs as supply routes are affected.
President William Ruto's administration is securing fuel stocks to shield consumers and businesses. At a rally in Kisii on April 15, Ruto noted: 'Although there is war in the Middle East that has resulted in high fuel prices... because of the G-to-G arrangement, we have managed to stabilise supply and moderate prices.'
This request complements separate ongoing negotiations for budget support under Development Policy Operations, initiated before the conflict's escalation.
