Kenya is seeking a KSh 40.6 billion debt service suspension for a debt due from 1 January and 30 June 2020 from bilateral creditors outside the Paris Club. In total, Kenya seeks to suspend servicing of due loans worth at least $802 million to the end of June.
Treasury CS Ukur Yattani says the formal approval of the application is expected within a few weeks. This comes after the Paris Club accepted Kenya’s application to suspend KSh 32.9 billion due in the first six months of 2020.
On Monday, the representatives of the informal group of official creditors consisting of Canada, Belgium, Denmark, France, Japan, Italy, South Korea, Spain, US, and Germany assented Kenya’s application, saying it will improve Kenya’s spending in mitigating impacts of COVID-19.