The money was used to retire another syndicated loan of Sh78.7 billion from Standard Chartered Bank that matured last month. This saw the country’s total debt repayment rise to Sh538.2 billion from Sh370.6 billion in February. In June, Treasury will repay part of the 2014 Eurobond principal, Sh78.3 billion, with reports indicating that Kenya will issue another Eurobond to offset this loan. With dwindling export earnings and tax revenues, Kenya will retire a massive Sh200 billion of commercial loans in the first half of 2019. Kenya first went for a Eurobond in June 2014 by raising Sh200 billion which was split into two notes.

Source: Standard Digital April 18, 2019 21:04 UTC