Kenya seeks relief in new Eurobond as debt trap crisis deepens
National Treasury Cabinet Secretary Njuguna Ndung’u on December 6, 2022. The National Treasury targets to issue a new Eurobond to manage next year's maturity of a Sh270 billion ($2 billion) 10-year bond, exposing a deepening debt trap as the government continues kicking the can down the road. PHOTO | NMG
Kenya targets to issue a new Eurobond to manage next year's maturity of a Ksh270 billion ($2 billion) 10-year bond, exposing a deepening debt trap as the government continues kicking the can down the road.
Faced with the stark reality of handling the large maturing loan amid highly ballooned debt-servicing costs in recent years and the country's highly weakened local currency against the US dollar, the country’s national treasury has opted for another Eurobond — yet again putting off a chance to confront the worsening debt situation.
