NAIROBI, Dec 22 (Reuters) – Kenya is raising $900 million in external financing for its 2022/23 (July-June) fiscal year from international banks, the finance ministry said in a memorandum to the IMF.
Like other frontier economies, the East African nation has found it almost impossible to raise funds from international bond markets this year due to a surge in yields, forcing it to cancel planned issuance and search for alternative sources.
The government has contracted a third of the amount it intends to borrow from lenders, the ministry said in the memo seen by Reuters on Thursday, and it is reviewing offers for the balance.
It did not say which lenders are involved and what type of transactions are involved.
Reporting by Duncan Miriri;
Editing by Alison Williams, Kirsten Donovan
Our Standards: The Thomson Reuters Trust Principles.
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