2023-10-17 10:52:42
Central Bank of Kenya Governor Kamau Thugge outside the National Treasury building in Nairobi, June 15, 2023. © THOMAS MUKOYA/REUTERS
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Kanika Saigal – special correspondent in Marrakech
Published on October 17, 2023
Lecture : 4 minutes.
“Unless the international market stops functioning, I think we will have once more access to the market in 2024″, estimates Kamau Thugge met during the annual meetings of the World Bank and IMF in Marrakech. Reassured by the tangible progress made by his pays, the governor of the Central Bank sees the path to refinancing his Eurobond of 2 billion of dollars which matures in June 2024.
However, he tempered his forecast highlighting that the heady days of single-digit yields on Eurobond issues – which a encouraged a large number of African states to borrow on international debt markets the late 2000s – will not come back. “Core inflation is not decreasing and rate will remain high for some time. The rates we were able to obtain there a ten years, I don’t think we’ll see them once more for a while,” does he have explain.
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