(Ecofin Agency) - Kenya will issue 10-year and 20-year treasury bonds in April 2019 to raise Ksh50 billion ($497 million), the central bank announces.

According to the bank, the funds raised during the operations will finance the budget deficit. Late January 2019, the government indicated that it initiated discussions with some international banks for the organization of a $2.5 billion Eurobond to fund the 2018-2019 budget deficit.

According to the IMF’s estimates, the country’s debt should be around 63.2% of GDP at the end of the current fiscal year against 58% a year earlier.