Earlier, Kenya was reluctant to apply for the debt rescheduling fearing such an arrangement would downgrade the country’s ability to service its debts and dampen the country’s ability to service foreign debts.
“Paris Club creditors will continue to closely coordinate with non-Paris Club G20 creditors and other stakeholders in the ongoing implementation of the DSSI, so as to provide maximum support to beneficiary countries,” the Club said.
The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries.
The members of the Paris Club which participate in the reorganization of Kenya’s debt include the governments of Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Republic of Korea, Spain and the United States of America. – PANA/NAN
– Jan. 11, 2021 @ 8: 51 GMT |