Oil marketer Vivo Energy Kenya took up dollar loans last year as a hedge against forex shortages and a deteriorating exchange rate that left importers struggling to find hard currency to fulfil external orders.
Disclosures by the parent firm Vivo Energy Limited in its annual report for 2022 say that the local unit was hit by liquidity constraints that forced it into seeking a way around the difficulties via dollar borrowings, partially drawn from a bridge loan facility and short-term bank debt.
