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NAIROBI, Dec. 28 (Xinhua) -- Kenya said Thursday that it would make the final interest payment of its 2 billion U.S. dollars Eurobond alongside the principal amount in the last week of June 2024.

Njuguna Ndung'u, the cabinet secretary for National Treasury and Economic Planning, said in a statement released in Nairobi, the capital of Kenya, that the country would not default on repaying the debt as it has a comprehensive plan for debt service payments.

He said the Kenyan government recently paid 68.7 million dollars in interest for the Eurobond that falls due in June 2024.

"The timely settlement of interest payments on the Eurobond has not only sent a positive signal to investors but also resulted in reduction in yields on Kenya's Eurobonds in the global financial markets," Ndung'u noted.

He said that the country expects substantial external inflows from the World Bank, International Monetary Fund, and other development finance institutions between January and March 2024.

"These inflows are poised to significantly bolster foreign exchange reserves," Ndung'u observed.

He added that Kenya maintains a robust economic outlook supported by policy reforms and collaborations with multilateral and bilateral development partners.

According to Ndungu, an ongoing fiscal consolidation program, coupled with an increase in revenue generation would help curtail borrowing, and reduce debt levels over the medium term.

Kenya's current public debt stands at 63.6 billion dollars and there have been fears of debt distress and default. - Xinhua

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