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Kenya’s Borrowing Costs Remain High Amid Fiscal Uncertainty

September 9, 2024
1,061 1 minute read
Kenya’s Borrowing Costs Remain High Amid Fiscal Uncertainty
Kenyan Shillings in the black wallet on a wooden background

Kenya’s borrowing costs remain near decade-high levels as uncertainty over the country’s funding options and fiscal strategy continues.

Following deadly protests over tax hikes tied to International Monetary Fund (IMF) recommendations, the Kenyan government backtracked, and the latest IMF aid tranche remains on hold.

To compensate, officials have increased sales of shilling-denominated bonds, keeping local debt yields elevated.

Despite a recent interest-rate cut that eased yields, borrowing costs are still near their highest since December 2015. Kenya’s 91-day Treasury notes yield 700 basis points more than Uganda’s, which holds the same S&P Global credit score.

One-year bills are yielding close to 17%, reflecting market concerns over Kenya’s fiscal prospects, debt trajectory, and governability.

Also Read: Details of Kenya’s Ksh.70 Billion Debt Repayment in July

Kenya’s revised 2024/25 budget includes expenditure cuts and increased domestic borrowing, but questions persist about its ability to secure external funding.

Market concerns about fiscal stability and debt trajectory have deepened, and with IMF discussions over a $600 million disbursement delayed, questions remain about the country’s ability to navigate its budget deficit without stoking further social unrest.

September 9, 2024
1,061 1 minute read
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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