Nairobi, Sept. 21 -- Kenya is considering using funds from the International Monetary Fund (IMF) to repay Chinese loans after it dropped an earlier request to defer debt payments.
The Treasury says it could use its additional allocation of IMF reserves in Special Drawing Rights (SDR) assets, which can be converted to government-backed money, as one of the options to plug the budget hole.
SDRs are the IMF's unit of exchange based on sterling, dollars, euros, yen and yuan, and can be used to settle obligations like repayment of foreign public debt.
Director-general for public debt management office at the Treasury Haron Sirima said Kenya has an a raft of options including "use of additional SDR allocation by the IMF" to fill the cash hole ...