Reporting on what it said was a looming deadline for Kenya to repay a major loan from China, pan-African magazine Africa Report made claims about what Kenya owed the Asian country. The Asian giant has in the past decade or so been Kenya: Top Ten African Countries With the Most Debt Owed to China - Kenyan Bulletin China takes up 30 percent of Kenya’s debt repayment China will gobble up Sh3 out of every Sh10 that Kenya allocates for external debt repayments in the next financial year. The conflict-torn country has an estimated debt of over $6.4 billion (Sh640 billion). Kenya is seeking debt relief from China to help it cope with a coronavirus-fuelled economic slump, as the first repayment on a loan for a railway under Beijing’s . Treasury Secretary Ukur Yatani announced the deal during a radio interview on Wednesday when he said the deferral “will give us an opportunity and break on the kind of liquidity that we desire.” I reached Kenya on my way back from South Africa on April 13, 2019. While comparing the total amount Kenya owes china to the total external debt, it can be deduced that China is the biggest lender to Kenya compared to other bilateral creditors. With Kenya’s debt repayments to China scheduled to triple this year, all of Kenya’s national assets are at risk unless public pressure forces China to relent. 7. China, the biggest creditor . Authorities in Kenya have allayed fears that China will seize the Port of Mombasa if the country defaults on loans procured to finance the loss-making Standard Gauge Railway (SGR). Kenya was scheduled to pay 27 billion shillings ($245 million) to China from January through June. Zambia – Just like Kenya, China has sponsored a lot of projects in the landlocked country and this has left it with a whopping $6.5 billion (Sh650 billion) debt to repay. China's business dealings in Africa are raising eyebrows. Kenya’s debt to China stood at Sh80.9 billion in 2014, the first year of Mr Kenyatta’s presidency, before ballooning to Sh693 billion in December, representing a 766 percent growth. Kenya has secured a debt repayment moratorium from China which will save it 27 billion shillings ($245.23 million) in the period to June, its finance minister said on Wednesday. China and Kenya have agreed to a six-month debt repayment holiday worth $245 million. This is a list of African countries which have the highest China debt as of 2018. China and many African nations have had a long history of solid political and economic ties. 6. The new headline revelation is that all Kenya’s assets, within Kenya or abroad, are now subject to Chinese seizure if Kenya cannot make its debt … MOST READ. Belt and Road Initiative.
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