Kenya’s Public Debt Management Strategy Cuts Eurobond Reliance by 30%

Kenya’s updated Public Debt Management Strategy has reduced reliance on commercial Eurobonds by 30% in 2023, shifting toward concessional loans from the World Bank, AfDB, and bilateral partners. The National Treasury reports that concessional debt now accounts for 58% of new borrowing, down from 45% in 2022. The $2 billion Eurobond maturity in 2024 was refinanced through a syndicated loan at 7.5% interest—below market rates. Debt-to-GDP is projected to fall to 62% by 2026 from 71% in 2023. The strategy supports fiscal sustainability under the IMF program and protects critical social spending.