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Forget About Repayment Holidays, Kenya Wants Its Creditors (Ahem… China) To Cancel Some of Its Debts

The Kenyan Treasury is reportedly considering a new plan to approach its creditors to ask for outright cancellation of some of its debt, according to a report in Business Daily. Although a final decision has yet to be made, the Treasury is apparently considering the option to approach both multilateral and bilateral creditors for debt forgiveness.

Tax revenue is simply not providing sufficient revenue for the government to service its debts. In the four-month period to October, debt servicing costs consumed 58% of all revenue. Meantime, tax revenue fell by 14% during that same period due to worsening economic conditions.

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