Nairobi shrugged off a ratings downgrade and loss of access to an IMF standby credit facility to raise a Sh202 billion ($2 billion) bond that added impetus to recent concerns over the rate at which Kenya is accumulating debt.
The Eurobond, the second in a span of four years, will cost taxpayers a total of $3.2 billion (Sh323 billion) in interest payments during its lifetime of up to 30 years, according to early calculations and the International Monetary Fund (IMF) said Kenya needs a credible plan to tackle its fiscal deficit, which is the main driver of borrowing.