Kenya defers debt payments

THE Treasury deferred debt payments amounting to nearly Sh90 billion to this financial year after it cancelled plans to float a $1.1 billion (Sh133 billion) Eurobond last June because of high-interest costs, the International Monetary Fund has revealed. The administration of retired President Uhuru Kenyatta reached the decision after it failed to borrow from international capital markets on higher interest demands from investors of about 12 percent, double the 6.3 percent that Kenya paid a year earlier for a similar amount in 2021.The resultant funding gap resulted in the country not honouring payments equivalent to 0.7 percent of the gross domestic product in the last financial year. — Business Daily Africa.