Wednesday, June 26, 2024

Kenya's Debt Crisis and China

India's Firstpost posted on 26 June 2024 a 6-minute video titled "Is Chinese Debt the Reason Kenya Wants to Raise Taxes?

The video spells out the background of Kenya's $76 billion public debt, noting that much of it is owned to the World Bank, IMF, African Development Bank, and reimbursement of Eurobonds.  But China is the single largest bilateral holder of Kenyan debt and Nairobi faces an upcoming repayment to Beijing of $1.2 billion that it is hard pressed to manage.