Nairobi, June 29 -- Kenya will save an additional Sh39 billion ($361 million) after rich countries extended debt repayment moratorium by another six months to December, freeing up cash to boost economic recovery from the Covid-19 pandemic.
The International Monetary Fund (IMF) has disclosed the extension in the latest report on Kenya, adding that the Treasury has factored the forecast savings in the Sh3.6 trillion budget for the year starting July.
In January, Kenya secured deals to suspend debt service with the Paris Club countries and other creditors, including China, covering the six months to the end of June this year.
In April, Treasury Cabinet Secretary Ukur Yatani asked richer nations to extend the relief for another year to ease ...