Loan after loan as RUTO secures another huge loan hours after receiving Sh150 billion from IMF – Look!

Friday, January 19, 2024 – President William Ruto has secured another loan hours after landing a Ksh150 billion loan from the International Monetary Fund (IMF).

Trade and Development Bank (TDB) has advanced a Ksh33 billion loan to Kenya to bolster the country's foreign exchange reserves ahead of the Eurobond's maturity in June 2024.

This forms part of a series of loans the country is expected to secure from the Pan-African bank. 

Last year, the Central Bank Governor Kamau Thugge disclosed the country was expected to secure about Ksh47 billion from TDB within the 23/24 financial year.

According to Thugge, a large share of the money would be used in servicing the Ksh323 billion (USD2 billion) Eurobond set to mature in June this year. 

The current Eurobond set for maturity this year is an amount of money that was borrowed by Kenya in 2014 from the European money market and Kenya was obligated to service it after a time lapse period of ten years.

In December last year, Kenya settled about Ksh10 billion (USSD68.7 million) accrued interests on the Eurobond.

Treasury Cabinet Secretary Njuguna Ndung'u noted the country remains dedicated to fulfilling all debt obligations with international lenders.

Ruto has on various occasions given assurance that the government is committed to honouring all the country's debt obligations and that he has formulated measures to help manage and balance the nation's rate of borrowing and debt repayment.

The Kenyan DAILY POST.

Post a Comment