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Kenya gets debt suspension for 6 months

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NAIROBI, Kenya, Jan 11- Kenya is among countries that have benefited from debt service suspension from 10 countries including France, Japan and the United States of America among others.

The announcement was contained in a letter by the Paris Club creditors which said Kenya had qualified for a debt service suspension.

The suspension will be in effect from January 1 to June 30, 2021.

The Paris club is an informal group of official creditors which was formed in 1956 and its role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries.

“The Government of the Republic of Kenya is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet and its addendum. This initiative will also contribute to help the Republic of Kenya to improve debt transparency and debt management,” part of the statement read.

Other members of the Paris Club include Belgium, Canada, Denmark, Germany, Italy, the Republic of Korea, and Spain.

Observers to the agreement were representatives of the governments of Australia, Austria, Brazil, Finland, Ireland, Israel, the Netherlands, Norway, the Russian Federation, Sweden, Switzerland and the United Kingdom.

Currently, Kenya’s public debt is above 8 trillion Kenyan shillings.

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