By Redaction ARPS with Investor King
Kenya is planning to restructure a $5 billion loan from China for its railway project to alleviate pressure on its foreign exchange reserves.
The country spends nearly $1 billion annually on servicing this debt, with rising costs attributed to high interest rates and a strong dollar.
As of March, Kenya’s external debt totaled $40.5 billion, with $5.04 billion owed to China, raising concerns about potential debt distress, according to the IMF.
The Standard Gauge Railway (SGR) project enhances connectivity between Mombasa and Naivasha.
Read original article at: Kenya Negotiates Shift From Dollar To Yuan In Bid To Ease Debt Burden | Investors King
