Treasury Cabinet Secretary dismisses claims of Kenya being broke

Treasury cabinet secretary Ukur Yatani [photo:Hivi sasa]

Nov, 20th 2020 – Treasury cabinet secretary Ukur Yatani has dismissed claims that Kenya is broke and in need of debt suspension. In a statement The CS dismissed  the allegations by one of the daily newspaper terming them as malicious and unfortunate.

The daily, had reported that the government is broke and in need of a sh75.5 billion debt-relief. “There has not been any decision whether Kenya is going to apply for the G20 debt service suspension initiative, ” Yatani said.

Yatani said G20 had offered to suspend the debt but they are encouraged that the economy has begun picking up despite the pandemic. “Kenya welcomes this intervention among others in form of financial support targeted to health sector.”

He however admitted challenges brought by the COVID 19 pandemic but maintained that he is confident that the economy will respond to policy and structural reforms measures supported by development partners.

He added, “Some countries have faced challenges rearranging debt service with creditors with undesirable outcomes. In this respect, Kenya seeks a cautious approach in evaluating the costs and benefits of the offer and make informed decision to safeguard the economic and financial standing of the country.”

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