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Kenya’s Dilemma: If It Wants G20 Relief Then It Can’t Issue More Bonds or Take out More Loans. So How Does It Close a Gaping Budget Deficit?

Kenya, and likely many other African countries, is in a bit of a pinch right now: it desperately needs to raise money to close an estimated $7.7 billion budget deficit. But if the Treasury wants to remain qualified for G20 debt relief then it can’t go out and borrow more money either in the form of new bond issuances or concessional loans like those from China.

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