President William Ruto has announced that Kenya will repay $300 million of its $2 billion Eurobond in December, ahead of its June maturity date.
The decision to repay the Eurobond comes after Kenya explored funding options, including seeking support from multilateral lenders such as the IMF and World Bank, and considering syndicated loans to facilitate the repayment.
“We have worked hard at home and abroad to mobilize a broad coalition of bilateral development partners, multilateral banks and other agencies which have rallied to pull our country back from the brink of debt distress,” Ruto said in his state of the nation address in the capital, Nairobi, on Thursday.
Per Bloomberg, as of June 2023, Kenya’s public debt stood at 64.4% of gross domestic product in present value terms, exceeding the stipulated ceiling of 60%, as reported by the National Treasury.
Source: BI
