https://en.sputniknews.africa/20240125/head-of-kenyas-public-debt-management-reportedly-intends-to-step-down-within-next-two-months-1064779807.html
Head of Kenya's Public Debt Management Reportedly Intends to Step Down Within Next Two Months
Head of Kenya's Public Debt Management Reportedly Intends to Step Down Within Next Two Months
Sputnik Africa
As at end June 2023, the Kenya's public debt stood at 70.6% of GDP, according to the National Treasury. 25.01.2024, Sputnik Africa
2024-01-25T16:39+0100
2024-01-25T16:39+0100
2024-01-25T16:39+0100
sub-saharan africa
kenya
economy
east africa
debt
william ruto
world bank
international monetary fund (imf)
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Haron Sirima, the head of Kenya's finance ministry's public debt management office, has decided to leave within the next two months, the local media reported.The office, which Sirima has headed since 2018, has played a pivotal role in the East African country's management of Eurobond issuances.The news come amid Kenya’s attempt to pay a $2 billion Eurobond that matures in June, despite the uncertainty surrounding the country’s access to international bond markets and some liquidity challenges.In November, Kenya's President William Ruto, pledged to pay part of the debt ahead of schedule after negotiating with sponsors to help finance the redemption.However, in late December, National Treasury Cabinet Secretary Njuguna Ndung’u announced that the government made a payment of about $66.4 million in interest on the Eurobond instead of making $300 million buyback. The cabinet secretary highlighted that this payment "underscores Kenya’s steadfast dedication to meeting external obligations."Furthermore, Ndung'u stressed that Kenya retains good economic prospects, supported by policy reforms and cooperation with multilateral and bilateral development partners. He also mentioned significant external inflows from the World Bank, the IMF and other development finance institutions, as well as from key bilateral partners that are expected from January to March 2024.The final interest payment on this Eurobond is fixed for the last week of June 2024, alongside the repayment of the principal amount of $2 billion, Ndung’u concluded.
https://en.sputniknews.africa/20231122/kenyas-financial-strategy-shifts-to-concessional-loans-due-to-uncertainty-in-bond-markets-1063719145.html
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kenya, economy, east africa, debt, william ruto, world bank, international monetary fund (imf)
kenya, economy, east africa, debt, william ruto, world bank, international monetary fund (imf)
Head of Kenya's Public Debt Management Reportedly Intends to Step Down Within Next Two Months
As at end June 2023, the Kenya's public debt stood at 70.6% of GDP, according to the National Treasury.
Haron Sirima, the head of Kenya's finance ministry's public
debt management office, has decided to leave within the next two months, the local media reported.
The office, which Sirima has headed since 2018, has played a pivotal role in the East African country's management of
Eurobond issuances.
"My tour of duty has come to an end. I need to give way to young blood. I have a couple of months to go awaiting recruitment of a new director," the media quoted Sirima as saying.
The news come amid
Kenya’s attempt to pay a $2 billion Eurobond that matures in June, despite the uncertainty surrounding the country’s access to international bond markets and some liquidity challenges.
In November, Kenya's President William Ruto,
pledged to pay part of the debt ahead of schedule after negotiating with sponsors to help finance the redemption.
However, in late December, National Treasury Cabinet Secretary Njuguna Ndung’u
announced that the government made a payment of about $66.4 million in interest on the Eurobond instead of making $300 million buyback. The cabinet secretary highlighted that this payment "underscores Kenya’s steadfast dedication to meeting external obligations."
Furthermore, Ndung'u stressed that Kenya retains
good economic prospects, supported by policy reforms and cooperation with multilateral and bilateral development partners. He also mentioned significant external inflows from the World Bank, the IMF and other development finance institutions, as well as from key bilateral partners that are expected from January to March 2024.
The final interest payment on this Eurobond is fixed for the last week of June 2024, alongside the repayment of the principal amount of $2 billion, Ndung’u concluded.
