AGL 38.52 Increased By ▲ 0.95 (2.53%)
AIRLINK 131.02 Decreased By ▼ -1.48 (-1.12%)
BOP 5.59 Decreased By ▼ -0.05 (-0.89%)
CNERGY 3.85 Increased By ▲ 0.08 (2.12%)
DCL 8.80 Decreased By ▼ -0.07 (-0.79%)
DFML 41.38 Increased By ▲ 0.38 (0.93%)
DGKC 87.99 Decreased By ▼ -2.17 (-2.41%)
FCCL 35.30 Increased By ▲ 0.22 (0.63%)
FFBL 66.50 No Change ▼ 0.00 (0%)
FFL 10.63 Increased By ▲ 0.48 (4.73%)
HUBC 109.40 Increased By ▲ 3.00 (2.82%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.72 Decreased By ▼ -0.14 (-2.88%)
KOSM 7.04 Increased By ▲ 0.19 (2.77%)
MLCF 42.35 Increased By ▲ 0.55 (1.32%)
NBP 59.69 Increased By ▲ 1.11 (1.89%)
OGDC 183.98 Increased By ▲ 2.73 (1.51%)
PAEL 25.65 Decreased By ▼ -0.05 (-0.19%)
PIBTL 5.90 Increased By ▲ 0.07 (1.2%)
PPL 147.72 Decreased By ▼ -0.68 (-0.46%)
PRL 23.52 Increased By ▲ 0.30 (1.29%)
PTC 16.47 Increased By ▲ 1.23 (8.07%)
SEARL 69.40 Increased By ▲ 0.61 (0.89%)
TELE 7.24 No Change ▼ 0.00 (0%)
TOMCL 36.00 No Change ▼ 0.00 (0%)
TPLP 7.83 Increased By ▲ 0.43 (5.81%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.51 Decreased By ▼ -0.34 (-0.67%)
UNITY 26.80 Increased By ▲ 0.40 (1.52%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,813 Increased By 45.4 (0.47%)
BR30 29,766 Increased By 366.4 (1.25%)
KSE100 92,289 Increased By 350.7 (0.38%)
KSE30 28,829 Increased By 85 (0.3%)
World

Kenya will not default on its debt: President Ruto

  • Our country will not default on our obligations. We have applied (the) brakes on any more borrowing, he says
Published January 5, 2023

NAIROBI: Kenya will not default on its debt, President William Ruto said on Wednesday.

"This country of ours will not default. I want to give you my assurance. Our country will not default on our obligations. We have applied (the) brakes on any more borrowing," he said in a joint interview with Kenyan media houses.

Ruto's government, which took over in September, has said it plans to cut expensive commercial borrowing in favour of cheaper sources like the World Bank to reduce debt servicing pressures.

Like other frontier economies, Kenya found it almost impossible to raise funds from international bond markets in 2022 due to a surge in yields.

It was forced to cancel in June the planned issuance of a second Eurobond for the last financial year and is now seeking alternative sources of funding.

In February last year, Fitch said rising government debt levels and global interest rates were increasing the risk of credit rating downgrades in as many as 10 African countries, with Kenya, Ghana, Lesotho, Namibia, Rwanda and Uganda most at threat.

Comments

Comments are closed.