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

Nairobi City (file photo).

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X