06/07/2022
CHINA HAS NOW SET THE RECORD STRAIGHT REGARDING THE DEBT KENYAN OWES THE ASIAN ECONOMIC POWER HOUSE.
Through a statement published on Monday, July 4, the Chinese ambassador to Kenya, Zhou Pingjian revealed that the country only owes China 10 per cent of its total debt.
The envoy argued that reports going around blaming China for overburdening the country with loans are not true but misinformation meant to mislead Kenyans.
According to him, other Western nations are the leading creditors to Kenya.
President Uhuru Kenyatta flags off the Nairobi-Suswa SGR line on October 19, 2019.
President Uhuru Kenyatta flags off the Nairobi-Suswa SGR line on October 19, 2019.FILE
"Western investors, often in the forms of multilateral financial institutions and commercial creditors, are the largest creditors of African countries such as Kenya. According to the World Bank’s 2022 International Debt Statistics, 28.8 per cent of Africa’s external debt comes form multilateral financial institutions and 41.8 per cent from commercial creditors. Together they account for nearly three-fourths of Africa’s total debt," Pingjian stated.
