The yield on Kenya's dollar Eurobond due 2024 hit a record high of 22% on July 15, as rising U.S. That risk remains, the Fund's Kenya head of mission Mary Goodman told journalists last week. In 2018, the International Monetary Fund classified Kenya as at high risk of debt distress. He also said then that the number of households connected to the electricity grid had tripled to more than 8 million. His government has modernised Kenya's crumbling, century-old railway network and built more kilometres of paved roads than the previous four administrations combined - over 10,000, Kenyatta told parliament in November. Kenyatta, who must stand down after serving two terms, says borrowing - including $8 billion from China - funded much-needed infrastructure and helped spur development. "The increase in debt has been alarmingly fast," said Robert Shaw, an independent economic policy analyst based in Nairobi. A close Western ally, East Africa's most stable country also hosts the regional headquarters of international firms like Alphabet Inc (GOOGL.O) and Visa (V.N).ĭebt levels have surged, however, to 9 trillion shillings, or 67% of GDP, from just 2 trillion, or 40% of GDP, when Kenyatta was elected.
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