Sharp Daily
No Result
View All Result
Monday, July 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

Global Growth Deferred By Rising Debts-IMF

Dennis Otsieno by Dennis Otsieno
March 1, 2023
in News
Reading Time: 1 min read
International Monetary Fund

International Monetary Fund [Photo/Courtesy]

Rising debt distress in developing economies such as Kenya is a major threat to their contribution to global growth, International Monetary Fund now says.

According to the lender’s latest future prospects outlook in preparation for this year’s G20 summit in India, about 15 percent of low-income countries are in debt distress and an additional 45 percent are at high risk of debt distress.

In Kenya, debt servicing has been a pain to the taxpayers who have been hit by a series of tax increments in efforts to reduce foreign debt pressures as well as narrow the government’s fiscal deficit.

Maturity of some of the loans, such as the USD 2.0 billion Eurobond maturing in June 2024, amidst the weakening Kenyan shilling against the dollar has put pressure on the National Treasury to seek additional billions for repayment of mounting foreign debt.

RELATEDPOSTS

Why firms are shedding jobs despite survival

June 19, 2025

Opinion: Austerity wrong medicine for Kenya’s economy.

June 16, 2025

Read S& P Global Ratings Revised Down Kenya’s Outlook To Negative On Account Of Weakening Liquidity Position

The Kenyan Shilling has continued depreciating consequently against the US dollar, hitting a new low of 126.9 recently posing much pressure on the country’s external debt. It opened the year at 123.4 with the local currency shedding about 2.8 percent of its value to the dollar year-to-date.

It is the second time the reserves are dropping below the statutory levels in less than three months.  These can be the reasons that could plunge the country into debt distress as echoed by the World Bank and International Monetary Fund who say Kenya is currently at risk of high debt distress.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Unlocking Effective Corporate Communication-A Practical Guide

Next Post

Innovation As A Driver Of Healthcare Development In Africa

Dennis Otsieno

Dennis Otsieno

Related Posts

Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025

LATEST STORIES

Why Employers Should Prioritize Pensions Over One-Time Gratuity Payments

July 10, 2025
Business and Finance Concept - Coin, Currency, Financial Item, Graph,

Opinion: Why lower taxes may be Kenya’s only escape route

July 10, 2025

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025

Privatization in Kenya: A new dawn for capital markets and fiscal stability

July 10, 2025

How Kenya is future-proofing its economy against illicit finance

July 9, 2025

The importance of Investment Policy Statements (IPS) for pension schemes in Kenya

July 4, 2025

Understanding Life Cover as an Additional Benefit in Retirement Benefit Schemes

July 4, 2025

Del Monte foods files for bankruptcy in USA

July 3, 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