Kenya has been forced to raise the budget for servicing bilateral loans to China by 36 percent on the back of rising interest rates and the sliding value of the shilling, shining a spotlight on the terms of the credit Nairobi signed with Beijing.
Treasury Cabinet Secretary Njuguna Ndung’u is seeking approval from lawmakers to raise the estimated repayments towards loans contracted from China to Sh152.39 billion from Sh112.39 billion in the initial budget in June.
