President William Ruto’s administration has inched closer to inking a Ksh153 billion (USD1 billion) loan from China. According to the Central Bank of Kenya, the money which will be disbursed early next year will partly be used to repay the Ksh300 billion Eurobond maturing in June 2024. CBK revealed that Kenya was actively engaging the Chinese Government concerning the loan, a move expected to boost foreign exchange reserves. Recent loans from the World Bank and International Monetary Fund coupled with the expected Ksh153 billion loan from China are set to ensure that Kenya clears the debt it incurred in 2014. In May, Kenya received a Ksh153 billion (USD1 billion) loan from the World Bank and in November, it received an almost similar amount from the IMF.

Source: Daily Nation December 06, 2023 20:31 UTC