Skip to content

Kenya’s Creditors Snub Second Phase of Debt-Service Initiative

  • Treasury expects 23% of debt-relief target of $379 million
  • East African nation received $425 million relief in 1st phase

Kenya expects to only secure about a quarter of the debt relief the government targeted to get in the second phase of the Group of 20 nations’ so-called Debt Service Suspension Initiative after some creditors declined to participate.

Relief to East Africa’s biggest economy is seen at $89 million in the second half of this year under the DSSI, lower than an initially projected $379 million, Treasury Secretary Ukur Yatani said in a letter to the International Monetary Fund.