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Kenya In A Race To Meet Chinese Loan Repayment Deadline

Lorenzo_ke
By Lorenzo_ke | self meida writer
Published 4 days ago - 2479 views

Kenya's public debt burden is unfathomably huge, and currently stands at 7 trillion shillings. The foreign loans account for 51 percent of the country's total debt and the treasury is worried about the currency volatility.

A train arrives at the Maai Mahiu Station of the Nairobi-Naivasha Standard Gauge Railway.

Chinese and Kenyan negotiators finalized the following arrangements to pay the loan:

1. Kenya will have the next six years to make payments on the suspended debt service costs including one year grace period after June 2021. The repayment holiday is worth $245m.

2. Proceeds from savings are required to be channelled towards combating the pandemic.

3. Kenya is further obligated to inform the public of its entire stock debt.

kenya railways attendants next to a train along SGR line constructed by the China Road Bridge Corporation (CRBC) and financed by the Chinese government in Ongata Rongai.

The treasury's going to have to cut a pretty large check using what little money it has available if the arrangements are not met.

Content created and supplied by: Lorenzo_ke (via Opera News )

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