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The National Treasury is under the spotlight for diverting Sh30 billion that had been borrowed through issuance of a Eurobond last year to cover shortfalls in domestic borrowing.
Controller of Budget report says Kenya’s Eurobond buybacks have only replaced old debt with new borrowing, leaving the country’s overall debt burden largely unchanged.
Since issuing its first Eurobond in 2014, Kenya has faced mounting concerns that repeated bond borrowing has locked the country into a growing debt cycle.
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