This even as the country’s debt stockpiled to Sh7.35 trillion in January this year from Sh7.28 trillion last December. But with the new infrastructure bond, the stock of domestic bond will increase to Sh467.8 billion should CBK get sufficient subscribers. Director-General for Public Debt Management at Treasury Haron Sirima recently confirmed the country had to access the “international capital market to refinance some of the large debt maturities” in what is aimed at minimising debt service costs. Like the earlier Eurobond loans, the money will also be used for budgetary support and repaying expensive loans that will be falling due. He insisted they would only dive into the Eurobond market if Kenya fails to get concessional funding.

Source: Standard Digital March 30, 2021 06:45 UTC