Kenya is set to float another euro bond worth approximately 124 billion shillings in a bid to tame mounting pressures to meet the country’s growing debt obligations. treasury cabinet secretary ukur yattani acknowledged that Kenya will go back to the international financial markets to secure additional funding if they do not get enough cheap loans from multilateral lenders. in the next financial year, Kenya will be to raising the fourth euro bond which will go towards refinancing maturing loans. in total Kenya’s debt load stands at 7.3 trillion shillings as of December 2020. the country’s present budget deficit is pegged at 930 billion shillings with the budget policy statement placing the national budget 3.01 trillion shillings. experts argue Kenya’s move towards floating another euro bond may be taking the country on an explosive debt path that may see the economy enter into possible debt distress.
Kenya set to float another euro bond worth approximately 124 billion shillings
