BIDEN to solve Kenya’s debt crisis as he plans to offer RUTO long-term solution during a joint announcement at the White House

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.


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