Kenya is two steps away from experiencing difficulties in repaying her debts, an international lender has warned.
In a report released on Tuesday, the International Monetary Fund (IMF) noted that the country’s risk of defaulting on debt repayment had increased from low to moderate.
Imminent repayment of a huge external debt, including part of the 2015 Eurobond, is likely to pile pressure on the country’s revenues.
The report explains that the Government has aggressively instituted austerity measures, hitting Kenyans with hefty tax bills, including the eight per cent Value Added Tax on petroleum products.
It also explains the freezing of development projects and the ongoing crackdown against graft and wastage that has seen a number of high-ranking Government officials arraigned. Read more
More from Local News
- The chief was set a blaze while attending the burial of a police reservist killed by bandits - The assailants …