This archive report was first published on 11 June 2020.
Kenya has decided against tapping into the debt relief programme offered by the G20, a group of the world's 20 richest countries. The decision was made due to stringent conditions attached to the programme.
According to National Treasury Cabinet Secretary Ukur Yattani, Kenya is not facing a debt servicing crisis that warrants debt restructuring. This assertion comes at a time when the country's debt portfolio is expected to breach the 7 trillion shillings mark this year.
Despite this, the government has received significant financial assistance from multilateral partners to help address the impact of the COVID-19 pandemic. These include a Ksh 78.3 billion loan from the International Monetary Fund, a Ksh 108.0 billion loan from the World Bank, and Ksh 22.5 billion from the African Development Bank.
These financial support packages are aimed at helping Kenya deal with the economic challenges posed by the pandemic. However, the government remains confident in its ability to manage its debt without resorting to debt restructuring.
Published on June 11, 2020.
