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Thursday, April 18
Last week the treasury began a debt swap that will see Sh87.8 billion ($714.6 million) worth of short-term debt converted into long-term debt to ease the pressure it is experiencing from maturities.
When you are buffeted by multiple shocks, the reaction is often to use your resources or borrow to overcome the crisis.” The professor also reassured that measures are being put in place to avoid implementing a counter-productive strategy originally intended to reduce the country’s dependency on external loans.
Even before President Ruto’s inauguration, the then-presidential aspirant made it clear that a key ideal in his manifesto was to cut down the country’s debt and end external borrowing.
Treasury Cabinet Secretary Njuguna Ndung’u noted, “Right now, we don’t have headroom for accumulating debt, so in a sense, we have to go down into liability management..
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