Notwithstanding its financial hardship, Kenya is unlikely to secure a debt restructuring

Kenya is pushing for debt forgiveness due to high short-term debt obligations and anticipated income collection that is likely to rise by 34% from the present level of Sh930.35 billion to Sh1.25 trillion in 2023–2024. Members of the Parliamentary Public Debt and Privatization Committee met with representatives from the World Bank and the International Monetary Fund (IMF) on the eve of the Spring Meetings to begin discussions concerning debt forgiveness. Speaking to a local television station, Kuria Kimani, the chairman of the parliamentary finance and national planning committee, acknowledged the need for immediate aid due to the nation's debt problems. The likelihood of the East African nation's debt being restructured, though, is minimal, according to a Reuters report. According to sources, Kenya is not expected to request a restructuring of its debt despite its current problems and an upcoming bond payment, said the head of the International Monetary Fund's Africa Department on Friday. At the IMF and World Bank spring meetings in this city, Abebe Aemro Selassie was speaking to media. A $2 billion Eurobond issued by Kenya is due to mature in June 2024. The governor of the nation's central bank said to Reuters earlier this week that the administration was "very calm about.A country's eligibility for debt relief is formally decided by the Executive Boards of the IMF and World Bank, and the international community agrees to reduce debt to a level that is seen as sustainable.