Haron Sirma, director-in-charge of Debt Management at the Treasury, said the proposal is aimed at reducing foreign exchange costs. “On the external debt stock, we seek to match the currency composition with the country’s foreign exchange holdings,” said Mr Sirma. “The characteristics of a country’s external debt by currency should mirror the foreign currency inflows through exports and remittances. This has raised the dollar-denominated debt burden by 2.07 percent ($4.45 million) to $219.39 million. AdvertisementKenya has allocated Ksh378.3 billion ($3.28 billion) for external debt repayment in the 2022/2023 fiscal year, comprising external interest payments of $1.19 billion, and external principal repayment of $2.09 billion), according to the Treasury.

Source: Daily Nation April 25, 2022 19:12 UTC