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The Governor further said that Kenya expects some disbursements from the World Bank of about USD 1.2 billion related to the development policy operations. Part of that will be used to settle the US$500 million of the remaining Eurobond
Kenya plans to use part of a World Bank budget support loan to make a payment of roughly USD 500 million on a Eurobond maturing this month, its central bank governor Kamau Thugge said.
The East African country sold a USD 1.5 billion international bond in February at great cost to fund the buyback of a large portion of the USD 2 billion bond that repays the bond due to its strained public finances. The Governor further said that Kenya expects some disbursements from the World Bank of about USD 1.2 billion related to the development policy operations. Part of that will be used to settle the USD 500 million of the remaining Eurobond,” told a news conference.
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Asked about a World Bank report that said the government was planning another buyback later this year, Thugge said the bank was still in discussions with the Treasury. He said the central bank was sticking to its economic growth forecast of 5.7% this year, despite recent flooding, as the services sector was resilient and agriculture performing well.
