Sharp Daily
No Result
View All Result
Tuesday, October 14, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

CS Yatani Faults Reports That Kenya Has Defaulted On SGR Loan

Domenic Ntoogo by Domenic Ntoogo
October 13, 2022
in News
Reading Time: 2 mins read

The National Treasury Cabinet Secretary Ukur Yatani has faulted claims that the country has defaulted on the Standard Gauge Railway, SGR, loan.

This is after a local daily made a publication stating that the country has defaulted on the amount owed to the People’s Republic of China, which was taken to facilitate the construction of the railway.

Read: President Ruto Directs Ksh300 Billion Cut In National Budget

Yatani added that Kenya has never defaulted on any loan, saying that the country carries out regular independent rating reviews that reveal the status of debt repayments.

RELATEDPOSTS

Parliament

Lawmakers call for comprehensive list of Hustler Fund defaulters

October 2, 2024
Eliud Owalo

ICT CS Nominee Eliud Owalo’s Plan To Revamp KBC

October 21, 2022

“We wish to state categorically that Kenya has never defaulted on the settlement of its debt service obligations to any of its creditors, nor has any creditor filed or reported any claim of default on debt service payments on facilities extended to the Government of Kenya,” said Yatani in a statement.

“As a country accessing international financial markets to raise resources, Kenya undergoes frequent independent sovereign rating reviews whose outcomes are published widely,” he said.

Yatani added that Kenya prioritizes debt repayment to ensure that the credit rating remains positive while assuring development partners and creditors that there is no reason to worry about the country’s financial situation.

Read: SGR Records Ksh7.1 Billion In Revenues For H1 Of 2022

“It is also important to note, that all public debt, including the SGR loans are paid from the Consolidated Fund in accordance with the Public Finance Management Act, 2012. Debt service is a first charge on the Consolidated Fund and takes precedence over other forms of expenditure,” he said.

“We want to assure our creditors, development partners, investors and the general public that Kenya’s financial position is sound and robust,”

The CS condemned the publication for spreading misinformation, saying it painted the country in a bad light.

The daily stated that Kenya had been fined a total of KSh1.312 billion by Chinese banks for defaulting the repayment.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Kenya Emerges Eighth In 2022 Absa Africa Financial Markets Index

Next Post

Ida Odinga’s Bodyguard Shot Dead

Domenic Ntoogo

Domenic Ntoogo

Related Posts

News

Start Q4 strong with the Cytonn Money Market Fund

October 9, 2025
News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025

LATEST STORIES

COMESA’s digital retail payments platform enters trial phase

October 14, 2025

Embedded finance: The future of seamless financial services

October 14, 2025

World Bank Urges Kenya to Raise Excise and Carbon Taxes to Strengthen Fiscal Stability

October 13, 2025

Kenya shifts to bond financing for SGR and JKIA expansion

October 13, 2025

KESONIA: Transforming Kenya’s benchmark interest rate framework

October 13, 2025

Kenya’s NFIS 2025–2028: Advancing financial inclusion and well being

October 13, 2025

Kenya Pipeline IPO deadline extended to 2026 and what it means for the Privatization Agenda

October 9, 2025

Audit reveals gaps in Kenya’s unclaimed assets system

October 9, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024