By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Treasury Freezes Plans For New Eurobond After World Bank
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Business > Treasury Freezes Plans For New Eurobond After World Bank
BusinessPolitics

Treasury Freezes Plans For New Eurobond After World Bank

hallanaija
Last updated: November 22, 2023 8:22 pm
hallanaija
2 years ago
Share
SHARE

National Treasury Prof. Njuguna Ndung’u in a statement said the country’s financing strategy going will be to seek concessional funding as the bond market is currently unfavourable.

“Kenya’s financing Strategy going Forward
In light of the uncertainty surrounding access to global bond markets, the government
strategy has shifted to focus on seeking out concessional funding from the multilateral lenders
like IMF and the World Bank and bilateral development partners, in addition to stepping up
efforts to improve macroeconomic environment and carrying out the necessary structural
reforms,” said Ndung’u.

The announcement comes following fresh financing from the International Monetary Fund to the tune of Ksh 142.6 billion ($938m) under Extended Fund Facility (EFF) and Extended Credit Facility.

IMF commitment under the arrangements is expected to reach Ksh 673.4 billion ($4.43b) upon approval by the executive board.

On Monday, the World Bank also announced total commitment to the tune of Ksh 1.82 trillion ($12b) in the next three years from 2024 to 2026.

“Kenya will continue its efforts to access commercial financing when favorable market
conditions permit,” he added.

READ MORE  Sour story of Oparanya and Barasa

According to Treasury, the government has made great strides toward the budgetary adjustments
needed to alleviate debt concerns.

“This has been achieved by sustaining our efforts in revenue mobilization, reducing non-core spending while giving high-impact social and investment
expenditure priority,”

Kenya’s fiscal deficit is projected to decline from 5.6pc of Gross Domestic Product in FY2022/23 to 4.7pc in FY2023/24 and below 4pc in FY 2024/25.

Prof. Ndung’u added that despite the liquidity challenges Kenya is facing, the macroeconomic environment remains stable, with real GDP projected to expand by 5.4pc in the first half of 2023, primarily due to a robust recovery in the agriculture and services sectors.

Legal hitch dims workers’ hopes of Ruto raising pay
CMC to lay off 169 staff on exit from passenger car business
Actis plans Sh10bn Garden City Mall stake sale
Co-op Bank capital hits Sh122bn on borrowings
State Considering Debt Waiver, Gachagua Tells Coffee Farmers
Share This Article
Facebook Email Print
Previous Article Samidoh Accompanies Karen Nyamu As They Visit Mike Sonko Together
Next Article Jerusalem Christian Landmark Emptied Of Pilgrims
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • New anti-corruption law gives EACC more teeth to tame public officers
  • Principal registrar to testify in Ksh.100M land row involving JSC driver
  • Teacher, 33, accused of gr0oming and r@ping a 16-year-old girl
  • Arteta speaks on Gyokeres playing in Arsenal’s preseason friendly against Tottenham
  • President Trump seriously ”considering a pardon for Diddy” as he awaits sentencing in jail

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?