We’re renegotiating debt payment, says President Uhuru
Kenya is in discussions to postpone loan payments to help revive the economy once the coronavirus pandemic is over.
The talks are part of a raft of measures the government is pursing to buttress efforts to cushion the economy post Covid-19.
Speaking in State House yesterday, President Uhuru Kenyatta said suspending debts for a certain period will allow affected countries to deal with the pandemic and plan for recovery.
“The largest economies in the world are in discussions with ourselves on the issue of suspension of debts,” he said.
He said this will enable the country to spend more in combating the pandemic and its effects on the economy.
Uhuru said the government is also in talks with global and regional lenders for emergency credit facilities to secure loans to cushion the export and import business.
Emergency credit
“Other regional and global institutions have also stepped up for example the African Development Bank and the African-Import Export Bank, which have created emergency credit facilities for countries like ours.
He said the country will leverage these facilities to support producers so that they can return to full production and protect the jobs and livelihoods.
The government is also re-engineering the existing economic plans and policies in line with the crisis to cushion the economy.
“We are working towards formulating Kenya post-Covid-19 economic recovery plan,” he said.
Institutions such as the African Development Bank and the African-Import Export Bank have also created emergency credit facilities.
“We will utilise these facilities to support producers and exporters so that they can return to full production and protect jobs and livelihoods,” Uhuru said.
