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WEEK IN REVIEW: Chinese Debt and the Anti-Government Revolt in Kenya

Protestors in Kenya this week expressed fury against the government and the IMF but interestingly made no mention of China during an unprecedented uprising in Nairobi. It’s notable because the Kenyan Treasury spends more money to service its Chinese loans than any other single creditor.

For years, across two administrations, the Kenyan government has pleaded with China to reschedule nearly $6 billion of outstanding loans, all to no avail. And the cost of servicing that dollar-denominated debt has skyrocketed due to the depreciation of the shilling.

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