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Kenya pays USD1.2B in 2021 to service foreign loans

NAIROBI (XINHUA) – Kenya paid KES137 billion (about USD1.2 billion) in 2021 to service its external debt, the Treasury said in a report released on Monday.

The money comprised USD704 million for the principal amount and USD496 million for interest.

In dollar terms, external public debt stock increased from USD34.7 billion as at December 2020 to USD36.9 billion by the end of 2021, said the Treasury. This comprised debt owed to multilateral lenders (42.7 percent), commercial banks (29 per cent), bilateral sources (28.1 per cent) and suppliers’ credit (0.3 per cent), according to the government agency.

Kenya’s gross public debt increased by USD8.14 billion in 2021 to end the year at USD72 billion, according to the Treasury.

The debt comprised 50.9 per cent external debt and 49.1 per cent domestic.