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Kenya Advised to Restructure Current Debts, Reduce Commercial Borrowing if It Wants to Avoid Default

Yasuyoshi CHIBA / AFP

The Washington, D.C.-based multinational NGO International Budget Partnership (IBP – it was formerly known as the Center on Budget and Policy Priorities) recently warned Kenya’s National Treasury to take drastic measures in order to avoid the bottom falling out of the economy due to the country’s worsening debt crisis.

Although the IBP paper published this month did not focus specifically on the disproportionate amount of Kenya’s external debts that are owed to China, the group did implicitly recommend Nairobi to reach out to Beijing to restructure some or all of the $6+ billion it currently owes.

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