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China, Kenya agree to USD 245 million debt deferral deal

China, Kenya agree to USD 245 million debt deferral deal
shanghainews.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from shanghainews.net Daily Mail and Mail on Sunday newspapers.

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China's debt-trap diplomacy: Kenya offered 'debt repayment holiday' for 6 months worth $245 million

In yet another example of China`s debt-trap diplomacy, Kenya has been roped in a deal with a six-month debt repayment holiday worth USD 245 million. The deal was struck a week after the Paris club of creditors, an informal group of creditors offered the same debt-service suspension worth USD 300 million until the end of June 2021. ....

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China's debt-trap diplomacy: Kenya offered 'debt repayment holiday' for 6 months worth USD 245 million

Representative Image
ANI |
Updated: Feb 16, 2021 15:30 IST
Beijing [China], February 16 (ANI): In yet another example of China s debt-trap diplomacy, Kenya has been roped in a deal with a six-month debt repayment holiday worth USD 245 million.
The deal was struck a week after the Paris club of creditors, an informal group of creditors offered the same debt-service suspension worth USD 300 million until the end of June 2021.
The African nation has been struggling to meet the repayments, as some of the projects, including the Standard Gauge Railway - built as part of Beijing s Belt and Road Initiative, are not generating enough income to pay for themselves, South China Morning Post reported. ....

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Kenyan Businessmen Pour Ksh81B Into Govt Project

Kenyan Businessmen Pour Ksh81B Into Govt Project
File image of Kenyan banknotes
File
A wealthy group of private investors helped the national government to raise Ksh81 billion after it put up the country s infrastructural bonds for sale.
According to the Central Bank of Kenya (CBK), the government was initially targeting Ksh50 billion.
However, once the bonds were made available, there was an overwhelming number of bids totalling Ksh125 billion, of which Ksh81 billion was accepted.
This is in line with the recent trend in which the country has witnessed a high investor appetite for government securities.
Central Bank of Kenya (CBK) building in Nairobi. ....

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Loan repayment break to free up cash for pressed counties

THE STANDARD
By
Dominic Omondi |
January 21st 2021 at 12:00:00 GMT +0300
Cabinet Secretary for National Treasury and Planning Hon. Amb. Ukur Yatani speaking during the agreement signing ceremony for MSME credit guarantee Scheme. [Wilberforce Okwiri, Standard]
The Sh60 billion that Kenya will save from debt repayment holidays will go towards offsetting other spending obligations, including disbursement to counties.
National Treasury Cabinet Secretary Ukur Yatani (pictured) yesterday said the country would save close to Sh27 billion after China agreed to a standstill on debts due to Beijing between January and June.
This is on top of another Sh32.9 billion debt repayment holiday from 10 Paris Club countries, with Yatani noting that the cash would be critical in managing the country’s fiscal policy. ....

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