The Treasury is bracing itself for a fresh raid on Kenya’s foreign exchange reserves to fulfil external debt service worth Sh63.5 billion ($451.3 million) this month, with the bulk of the funds covering the biannual repayments for the standard gauge railway (SGR) loans procured from China.
A World Bank analysis of Kenya’s external debt obligations shows significant payments to a mix of bilateral, commercial and multilateral lenders in July, including France, China, the Eastern & Southern African Trade & Development Bank (TDB), Eurobond creditors and the Bretton Woods institution itself.
