By AFP More by this AuthorKenya's President William Ruto will ask China for a $1-billion loan and a restructured debt payment plan, his deputy said Friday, despite having criticised his predecessor's heavy borrowing from Beijing. One of East Africa's largest economies, Kenya has accumulated more than $68 billion in debt, a figure equivalent to 67 percent of its gross domestic product. Read: Debt expenses surpass Kenya’s ordinary revenue flowsDeputy President Rigathi Gachagua said Ruto would travel to China and ask for "more time to repay the debt slowly" and $1 billion to complete road projects delayed by financing shortfalls. "We are a responsible government, we can't say that we won't pay the debt," Gachagua told a local language radio station. In July, global credit ratings agency Fitch Ratings downgraded Kenya's ability to repay international lenders from "stable to negative", citing tax hikes and social unrest.

Source: Daily Nation October 07, 2023 13:48 UTC