Nairobi, Aug. 20 -- Kenya saved Sh99.73 billion in deferred repayments for its external debt for the year ended June following a deal with several rich nations, lifting pressure on its thin domestic revenue collection.
Fresh Treasury data shows expenditure on servicing external loans amounted to Sh234.59 billion, a drop of 29.83 percent compared to Sh334.32 billion that had initially been budgeted for.
This is attributed to deferred repayments for loan principals and a more stable shilling against the US dollar than earlier forecast.
"The foreign exchange market has largely remained stable but partly affected by tight global financial conditions attributed to uncertainty with regard to the Covid-19 pandemic," the Treasury said in a newly...