Kenya Plans to Refinance or Exchange Commercial Debt With Cheaper Options

Kenya plans to refinance or substitute commercial loans with cheaper options from friendly nations or development financiers, its acting finance minister said on Monday. The East African nation wants to avoid raising more debt from overseas capital markets, after a borrowing binge in recent years including Eurobond offerings, a package of Chinese loans and syndicated commercial loans, Reuters reported. The government was committed to bringing its debt, which has risen to above 62% of gross domestic product, to a more sustainable level, said minister Ukur Yatani. “I also intend to restructure debt stocks by refinancing or substituting commercial elements with concessionary ones,” he wrote in an opinion piece published in the local Daily Nation newspaper. Read more