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Kenya seeks more Chinese loans at ‘Belt and Road’ forum despite rising public debt

Associated Press

NAIROBI, Kenya (AP) — Kenya’s President William Ruto is seeking $1 billion more in loans from China, despite rising public debt that has now reached $68 billion. He’s in Beijing for the summit of the Belt and Road Initiative, China’s ambitious plan to connect Africa, Asia and Europe through massive infrastructure and energy projects. Kenya is struggling with ballooning public debt and owes $8 billion to Chinese creditors. Some of the loans will mature in the current fiscal year, putting further pressure on the government. However, it’s not clear if President Ruto and his delegation will get a restructuring or extension on the interest payments.

Article Topic Follows: AP-National

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