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East Africa’s New Year’s Resolution: Borrow More Money

Kenya, Tanzania, and Uganda are starting 2022 with an eye on borrowing hundreds of millions of dollars to fund new infrastructure development and to help close the finance gap created by the ongoing COVID-19 pandemic.

The Kenyan Treasury informed the IMF that it plans to issue two new sovereign bonds worth around $2 billion before July. These will be used to finance government operations and repay a portion of a 2014 Eurobond. The government is widely expected to exceed its current $78.9 billion debt ceiling.

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