A restrictive clause in the Eurobond terms stopped Kenya from seeking a suspension of debt payments under a G20 initiative aimed at helping poor countries weather the Covid-19 disease pandemic.
Eurobond terms indicate that non-payment of Kenya’s external debt, including seeking moratoriums, would be considered as defaulting, which could trigger a demand for the country to pay the entire Eurobonds worth $6.1 billion (Sh652.7 billion).
