Kenya returned to the international debt market for the fourth time in two years, raising $2.25 billion to refinance maturing Eurobonds. But in doing so, it appears to have brushed aside a World Bank warning that such buybacks could heighten long-term repayment risks.
Economists now caution that the strategy, while easing short-term pressures, is swelling the country’s commercial debt in defiance of its own borrowing policy.
