Kenya to buy back Eurobond in February or March

Kenya’s President William Ruto

Kenya’s President William Ruto speaking during a past press briefing. PHOTO | EVANS HABIL | NMG

Kenya is looking to buy back in February or March at least some of its $2 billion Eurobond, President William Ruto told Reuters on Tuesday, dismissing any risk the country would default.

Falling hard currency reserves, a steep weakening of the local currency and revenue challenges have raised questions about Kenya's ability to pay off the bond, which matures in June.

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