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IMF forced Kenya to swap SGR dollar loans for yuan
President Ruto's government has been trying to cut its overall debt, which stands close to 70 percent of gross domestic product, to make repayments more manageable.
Powerful Western lenders led by the World Bank and the International Monetary Fund (IMF) forced Kenya to convert dollar-denominated standard gauge railway (SGR) debt into yuan after concerns that the creditors' cash was being channelled to China.
President William Ruto’s top economic advisor, David Ndii, said the multilateral lenders were disturbed over the use of their dollar loans to pay China instead of supporting the country’s budget and infrastructure projects.
