African debt holiday choices open new divisions edwardcropley
Kenya will not seek a temporary suspension of debt payments under a Group of 20 initiative to help poor countries weather the Covid-19 pandemic because the terms were too restrictive, Finance Minister Ukur Yatani said on May 15.
Yatani said Kenya was concerned that the repayment standstill arranged by the group of major developed and developing economies for debts owed to official bilateral creditors imposed limits on accessing international capital markets. A third of Kenya’s $28 billion of external debt is owed to private creditors, including the holders of its two Eurobonds. Yatani said hampering access to private credit markets could create an “unnecessary crisis”.
The World Bank on May 20 approved a $1 billion, 30-year loan for Kenya to finance its budget deficit, which the government forecasts will be 8.2% of GDP in 2020.
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