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President William Ruto has announced that Kenya will repay $300 million of its $2 billion Eurobond by December, ahead of its June maturity date.

Kenya plans to repay $300 million of $2 billion bond in December | Pulselive Kenya

Adekunle Agbetiloye

President William Ruto has announced that Kenya will repay $300 million of its $2 billion Eurobond in December, ahead of its June maturity date.

The decision to repay the Eurobond comes after Kenya explored funding options, including seeking support from&nbsp;<a href="https://africa.businessinsider.com/local/markets/imf-and-world-bank-in-discussions-with-kenya-over-dollar2-billion-eurobond-repayment/7fefj3p">multilateral lenders such as the IMF and World Bank</a>, and considering syndicated loans to facilitate the repayment.

“We have worked hard at home and abroad to mobilize a broad coalition of bilateral development partners, multilateral banks and other agencies which have rallied to pull our country back from the brink of debt distress,” Ruto said in his state of the nation address in the capital, Nairobi, on Thursday.

Per Bloomberg, as of June 2023, Kenya's public debt stood at 64.4% of gross domestic product in present value terms, exceeding the stipulated ceiling of 60%, as reported by the National Treasury.

The servicing of this public debt consumes over half of Kenya's tax revenue and has&nbsp;<a href="https://africa.businessinsider.com/local/markets/kenya-struggles-with-severe-cash-flow-crisis-amid-loan-maturities/b1rqh4z">caused delays in the payment of monies to several development projects</a>.

“I can now confirm with confidence that we will pay the debt that has become a source of much concern to citizens, markets and our partners,” Ruto said.

President William Ruto speaking at State House, Nairobi after appointing Former Auditor-General Edward Ouko to head the newly inaugurated Pending Bills Verification Committee

Kenya plans to repay $300 million of $2 billion bond in December

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