Treasury reveals plan for fresh Sh110 billion syndicated loans
By Gladys chepkemoi - 2022-12-22 05:33:07 - [General]
Kenya will borrow syndicated loans amounting to Sh110.7 billion for budgetary support and replenish its dwindling reserves of dollars by end of June, a report by the International Monetary Fund (IMF) shows.
Of the $900 million (Sh110.7 billion), the Treasury has agreed on the terms for Sh36.9 billion, as the country reverses its stance against borrowing from commercial banks.
Due to the volatility in the global market that has seen yields on external bonds rise, Kenya was forced to cancel plans to issue its fifth Eurobond of about $1.1 billion (Sh135.3 billion), denying the country much-needed foreign exchange reserves at a time the country is grappling with dollar shortage.
The IMF noted that Treasury officials are “well advanced” in tapping medium-term loan facilities from international banks, with the full amount expected to be disbursed by early next year.
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