Treasury accused of diverting development cash to pay debtA currency dealer counts Kenya shillings at a money exchange counter in Nairobi October 23, 2008. The Kenya shilling breached the important 80.00 level on Thursday reaching a near four-year low, despite assurances by the Central Bank, due to demand for dollars. The Government had issued a Sh50 billion 20-year bond which received bids worth Sh40 billion. This means that if Kenya were to pay off a Sh200 billion debt in the next few months from forex reserves, the shilling would be exposed, especially without the International Monetary Fund facility. Before the end of June, another Sh37.1 billion syndicated loan arranged by the Trade and Development Bank, formerly PTA Bank, is due.

Source: Standard Digital February 05, 2019 21:04 UTC