Kenya, in its unwavering commitment to maintaining a resilient sovereign credit rating and securing access to new development financing, remains dedicated to fulfilling all debt obligations with international lenders.
According to a recently published press statement by the National treasury, the nation successfully executed a payment of US$68.7 million
Equivalent to Kshs 10.8 billion, in interest, a crucial instalment on the US$2 billion Eurobond.
This highlights Kenya’s steadfast dedication to meeting external obligations.
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The timely settlement of interest payments on the Eurobond not only signals positively to investors but also reduces yields on Kenya’s Eurobonds in the global financial markets.
Final interest payment on Eurobond is scheduled for the last week of June 2024.
Alongside the repayment of the principal amount of US$2 billion.
Since July 2023, the government has diligently implemented a comprehensive plan for debt service payments.
Combining revenue and concessional financing to retire high-cost debts within the national debt portfolio.
Between January and March 2024, the World Bank, IMF, and other Development Finance Institutions, along with key bilateral partners, anticipate providing substantial external inflows, poised to significantly bolster foreign exchange reserve levels.
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Furthermore, after a slow start in revenue collection at the fiscal year’s commencement, the preliminary outcome for the six months ending December reflects an impressive turnaround.
The government’s tax policy and administrative reforms are responsible for the positive shift.
Kenya maintains a robust economic outlook
Its supported by policy reforms and collaborations with multilateral and bilateral development partners.
The ongoing fiscal consolidation plan, driven by revenue generation, aims to curtail borrowing,
Reduce debt levels over the medium term, and ultimately enhance the well-being of Kenyans
