International Monetary Fund has revealed that President Uhuru Kenyattas’ government is once again back to the International market seeking additional funds for the next one and half years.
According to the IMF, Kenya is seeking a Eurobond loan worth 780 billion, IMF stated that through a plan submitted by the Kenyan Treasury.
The country plans to borrow Ksh 528 billion in concessional loans, which have long repayment time. The other Ksh 253 billion it would be commercial loans that has high interests and a short-term repayment time.
The international monetary fund stated that the loan program allows Kenya to borrow more funds for it to be able to repay its growing loan debts. This comes after back in January Treasury asked the parliament to raise the country`s debt ceiling from its current Ksh 9 trillion to a new debt ceiling of Ksh 12 trillion.
This shows more borrowing of loans from Jubilee government going forward.
By; Mikey Mugutsu