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Kenya's Economy Joined at The Hip With China - Report

A report in the form of a prospectus, intended to appeal to international investors to buy Kenya's latest Eurobond, shows that Nairobi must swallow all the International Monetary Fund (IMF) prescriptions to stay afloat economically. The Treasury is seeking the new funding to support its annual budget and repay other maturing loans. Nairobi says the huge debts Kenya owes to China tops the list of risks to its economy.

Though the document does not reveal how much the country plans to raise through the Eurobond, the Treasury indicated in past documents to the IMF, that it will raise about U.S.$2.3 billion in commercial borrowing (Eurobond issuance) for project financing in the new financial year. This is the fourth Eurobond that Nairobi will be floating in seven years, writes Paul Wafula for The Nation.

InFocus

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Nairobi City (file photo).

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