Kenya has requested urgent financial support from the World Bank as it faces mounting economic pressure linked to the impact of the Iran war, raising fears of fuel shortages and rising living costs.
The move comes as the East African nation grapples with increasing inflation and surging energy prices, threatening overall economic stability. Speaking to Reuters, Central Bank Governor Kamau Thugge confirmed that the government has formally submitted a request for assistance to cushion the economy from the shock.
Kenya is now among the first major emerging economies to publicly confirm seeking emergency support from international lenders following the crisis. Other countries, including Egypt, have also indicated they are in talks with global financial institutions for similar support.
The ongoing conflict has disrupted global energy markets, pushing up crude oil prices and increasing import costs for fuel-dependent economies like Kenya.
Meanwhile, the head of the International Monetary Fund (IMF), Kristalina Georgieva, said around 12 countries have already approached the IMF seeking financial assistance to cope with the economic fallout.
Pressure on essential commodity prices, particularly fuel and food, continues to build as governments struggle to stabilize markets and shield citizens from the rising cost of living.
