NATIONAL TREASURY Principal Secretary Dr Kamau Thugge has said that the government is seeking an extension of 10 years to pay a Ksh77 billion syndicated loan of 2015 that is due on April 2019.
Kenya Govt says it is seeking to extend the payment period for a syndicated loan worth loan Sh 78 Billion due in April 2019. pic.twitter.com/MxfagGFciz
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He said this while refuting claims that the government is seeking a Ksh100 billion new loan to pay off the maturing loans.
He further added that the extension will give the government time to repay the loan without putting additional pressure into the economy.
In order to curb the frequent borrowing, Dr Thugge said that the government plans to engage the private sector to invest in infrastructure.