Wednesday, May 22, 2024 - United States President Joe Biden is hosting President William Ruto in a three-day state visit in a move aimed at revitalizing bilateral relations between the two countries.
The two presidents are set to discuss several issues of
great concern including a strategy that will help Kenya get out of debt
distress.
Sources privy to the talks revealed that the United States
will offer Kenya a long-term solution to a debt crisis that has threatened the
country's economy in recent years.
America will be urging big creditor countries like China to
offer debtor countries like Kenya debt relief through grants and potential debt
service suspensions.
The US will also urge international financial institutions
like the World Bank and the International Monetary Fund (IMF) to offer low-cost
financing to Kenya.
In the aftermath of the talks, both presidents will make a
joint announcement and sign agreements that will seal America's intent to solve
Kenya's debt menace.
According to an official attending the state
visit, Ruto's visit to the US sends important signals about America's
intention to provide solutions to the African continent.
"When Ruto speaks, he's speaking for Africa. And given
that President Biden hasn't had the chance to visit Africa yet, this meeting is
not only about Kenya, it's really about sub-Saharan Africa as a whole,"
noted an official who is attending the meeting.
As of April, this year, Kenya’s total debt stood at Ksh10
trillion this was announced by the Central Bank of Kenya Governor Kamau Thugge.
Among foreign countries, the CBK boss noted a majority of
the debt was owed to China.
The Kenyan DAILY POST
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