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Country <strong>Debt</strong> <strong>Guide</strong><br />
52<br />
Kenya<br />
In terms of credit worthiness, Fitch maintained Kenya’s ‘B+’ rating in June 2020 – which is below investment grade<br />
and highly speculative but suggests an ability to meet current financial commitments assuming no further<br />
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economic shocks – though the outlook is negative.<br />
After initially declining, in late 2020 Kenya decided to participate in the G20’s <strong>Debt</strong> Suspension Initiative (DSSI),<br />
which would allow the country to receive debt service suspension by its official bilateral creditors – including<br />
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China – amounting to $630.8 million by the end of 2020. In April 2020, Kenya took out an interest-free loan of<br />
$739 million from the IMF in emergency funding as part of its Rapid Credit Facility program, which will need to be<br />
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repaid within 10 years. The IMF suggests this will fill 35% of Kenya’s immediate COVID19 financing needs.
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