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Kenya gets 6-month debt service suspension with the Paris Club

Wednesday, 13 January 2021 12:56
Kenya gets 6-month debt service suspension with the Paris Club

(Ecofin Agency) - Kenya will benefit from a six-month holiday for the repayment of $300 million in debt to the Paris Club. The announcement was made on January 11 by the National Treasury.

An official statement from the finance minister Ukur Yatani (pictured) revealed that the suspension, which will last until June 2021 covers the debt contracted with 10 bilateral partners. The strategy is part of the country’s program to strengthen its response against the pandemic. The Paris Club, on its side, said this debt service suspension will allow Kenya to dedicate the available resources to mitigating the health, economic, and social impact of the covid-19 crisis.

In addition to this initiative, Kenya has initiated a series of negotiations to join the G20 Debt Service Suspension Initiative (DSSI) for the poorest countries. This program, to which the Kenyan authorities were reluctant, should enable the country to obtain a moratorium on the payment of about $370 million of its debt.

In November 2020, minister Yatani announced that Kenya was mulling over securing a moratorium for the repayment of more than $690 million in debt. Joining the G20 initiative will make the country eligible for a financing program from institutions such as the IMF and the World Bank.

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