Kenya, Tanzania and Uganda to review $51b debts as Libor ends
East Africa biggest economies are under pressure to review and renegotiate the pricing of close to $51 billion of foreign debts denominated in the volatile US dollar as the use of the international pricing benchmark — Libor Rate — officially comes to an end on June 30. PHOTO | AFP
East Africa biggest economies are under pressure to review and renegotiate the pricing of close to $51 billion of foreign debts denominated in the volatile US dollar as the use of the international pricing benchmark — Libor Rate — officially comes to an end on June 30.
Financial institutions and companies are also under pressure to shift their commercial contracts pegged to the London Interbank Offered Rate (Libor) to alternative benchmarks ahead of the deadline.
