Kenya’s debt restructuring plan is to move away from foreign-dominated commercial loans, which come with high risks, and go for more concessional loans. PHOTO | FILE
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
Kenya has scrapped plans to issue a $1 billion eurobond that was expected by end of June as the rising cost of financing foreign debt coupled with a relentlessly depreciating currency dampened the sustainability of the planned issuance.
Dr Haron Sirima, Director-General at the Public Debt Management Office of the National Treasury told The EastAfrican that the ministry reached the decision “due to high volatility in the international capital markets.”
