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Kenya will not default on its debt payments -President Ruto

06 Tháng Giêng 2023
Kenya will not default on its debt payments -President Ruto © Reuters. FILE PHOTO: Kenya's President William Ruto is escorted by Robert Kibochi, Chief of Kenya Defence Forces, after inspecting a guard of honour by the Kenya Defence Forces during the country's 59th Jamhuri Day or Independence Day celebrations at the Nyayo Nat

NAIROBI (Reuters) - Kenya will not default on its debt and plans to ramp up tax collection in the next two years, President William Ruto said on Wednesday.

Ruto's government, which took over in September, has pledged to curb expensive commercial borrowing in favour of cheaper sources like the World Bank to reduce debt servicing pressures.

The East African nation's public debt surged during an infrastructure construction drive under Ruto's predecessor Uhuru Kenyatta, prompting warnings from ratings agencies.

"This country of ours will not default. I want to give you my assurance. Our country will not default on our obligations. We have applied (the) brakes on any more borrowing," Ruto said in a wide-ranging interview with Kenyan media outlets.

He added that the government aimed to collect an extra 1 trillion shillings ($8.11 billion) in taxes in the next 24 months, and reiterated plans to cut 300 billion shillings in borrowing in the current fiscal year that runs until the end of June.

Like other frontier economies, Kenya found it almost impossible to raise funds from international bond markets in 2022 due to a surge in yields.

In June it was forced to cancel the planned issuance of a Eurobond and is seeking alternative sources of funding.

In February last year, Fitch said rising government debt levels and global interest rates were increasing the risk of credit rating downgrades in as many as 10 African countries, with Kenya, Ghana, Lesotho, Namibia, Rwanda and Uganda most at threat.

($1 = 123.3000 Kenyan shillings)

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29-09-2023 22:52:28 (UTC+7)

EUR/USD

1.0584

+0.0026 (+0.24%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

EUR/USD

1.0584

+0.0026 (+0.24%)

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↑ Buy

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Buy (10)

Sell (2)

Indicators:

Buy (7)

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GBP/USD

1.2216

+0.0019 (+0.16%)

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↑ Buy

Moving Avg:

Buy (8)

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USD/JPY

149.43

+0.14 (+0.09%)

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Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (3)

AUD/USD

0.6449

+0.0026 (+0.40%)

Summary

↑ Sell

Moving Avg:

Buy (1)

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Buy (4)

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USD/CAD

1.3534

+0.0049 (+0.36%)

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↑ Buy

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Buy (10)

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EUR/JPY

158.15

+0.40 (+0.25%)

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Buy (7)

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EUR/CHF

0.9669

+0.0002 (+0.02%)

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Gold Futures

1,870.75

-7.85 (-0.42%)

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Buy

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Buy (7)

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Silver Futures

22.532

-0.209 (-0.92%)

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Copper Futures

3.7283

+0.0203 (+0.55%)

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Crude Oil WTI Futures

90.92

-0.79 (-0.86%)

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Neutral

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Brent Oil Futures

92.47

-0.63 (-0.68%)

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Neutral

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Natural Gas Futures

2.944

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US Coffee C Futures

146.82

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Euro Stoxx 50

4,173.35

+11.79 (+0.28%)

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↑ Sell

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Sell (9)

S&P 500

4,308.14

+8.44 (+0.20%)

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DAX

15,386.58

+63.08 (+0.41%)

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FTSE 100

7,608.36

+6.51 (+0.09%)

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Sell (9)

Hang Seng

17,822.00

+471.00 (+2.71%)

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Buy

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Sell (4)

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US Small Cap 2000

1,788.45

-5.86 (-0.33%)

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Neutral

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Buy (5)

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IBEX 35

9,423.88

-2.92 (-0.03%)

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↑ Sell

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Sell (9)

BASF SE NA O.N.

42.950

+0.305 (+0.72%)

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↑ Sell

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Sell (12)

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Sell (8)

Bayer AG NA

45.45

+0.10 (+0.22%)

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Allianz SE VNA O.N.

225.70

-2.85 (-1.25%)

Summary

Sell

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Adidas AG

166.62

+9.76 (+6.22%)

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Deutsche Lufthansa AG

7.506

-0.023 (-0.31%)

Summary

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135.66

+0.08 (+0.06%)

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10.450

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 EUR/USD1.0584↑ Buy
 GBP/USD1.2216↑ Buy
 USD/JPY149.43Buy
 AUD/USD0.6449↑ Sell
 USD/CAD1.3534↑ Buy
 EUR/JPY158.15↑ Buy
 EUR/CHF0.9669↑ Sell
 Gold1,870.75Buy
 Silver22.532↑ Sell
 Copper3.7283↑ Sell
 Crude Oil WTI90.92Neutral
 Brent Oil92.47Neutral
 Natural Gas2.944Neutral
 US Coffee C146.82↑ Buy
 Euro Stoxx 504,173.35↑ Sell
 S&P 5004,308.14↑ Sell
 DAX15,386.58↑ Sell
 FTSE 1007,608.36↑ Sell
 Hang Seng17,822.00Buy
 Small Cap 20001,788.45Neutral
 IBEX 359,423.88↑ Sell
 BASF42.950↑ Sell
 Bayer45.45↑ Sell
 Allianz225.70Sell
 Adidas166.62↑ Sell
 Lufthansa7.506↑ Sell
 Siemens AG135.66↑ Sell
 Deutsche Bank AG10.450↑ Sell
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# So hôm qua # Chênh TG
SJC Eximbank6,830/ 6,880
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Cập nhật 29-09-2023 22:52:30
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Cập nhật lúc 18:53:44 29/09/2023
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