The government through spokesperson Dr. Isaac Mwaura have promised to repay the principal Euro Bond and the remaining interest payment.
Through a statement, Mwaura confirmed that the principal amount borrowed back in 2014 was USD 2 billion which is approximately Ksh 314 billion.
As at last week, the government confirmed that it has paid USD 68.7 million which is equivalent to Ksh 10.8 billion from local revenue, a move that has sent a positive message to investors that it committed to paying its debts and other obligations.
Moving forward, the government has vowed to settle all its debts through various sources of revenue so as to deal with short term loans with high interests.
The statement is in line with President William Ruto’s commitment and subsequent confirmation that the country is not at any distress level as feared by Kenyans.
The huge loans blamed on the previous administration have been blamed for the increase in taxes with the promise that things will get better once the obligations are met.