Kenya has formally sought urgent financial assistance from the World Bank to cushion the country against rising fuel costs triggered by ongoing conflict in Iran.
The move comes as global energy markets remain volatile, pushing up the cost of petroleum imports, particularly for countries like Kenya that rely heavily on imported fuel.
Speaking on the sidelines of the IMF-World Bank Spring Meetings in the United States, Central Bank Governor Kamau Thugge confirms that the government has requested “significant” rapid financial support.
He does not disclose the exact amount but notes that the funding is expected to help stabilise fuel supply and prevent further increases in pump prices.
The request underscores growing concern within government over the impact of global geopolitical tensions on Kenya’s economy, particularly the cost of energy and its ripple effects on transport, production, and overall cost of living.
Kenya, like many developing economies, remains vulnerable to external shocks in oil markets, with fluctuations in international prices directly affecting domestic fuel costs.
If approved, the financial support is expected to provide short-term relief as the government works to manage rising import bills and maintain stability in the energy sector.