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Government seeking extension in repaying Kshs 77B loan

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National Treasury PS, Dr. Kamau Thugge delivers the keynote address while officially launching the 2019/2020 – 2021/2022 Medium Term Expenditure Framework (MTEF) Budget – Public Hearings at Kenyatta International Convention Centre (KICC)

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The National Treasury has refuted reports  that the government seeking a new loan to pay off maturing loans noting that Kenya will only seeks to extend the payment period for a 70 billion shillings syndicated loan of 2015 that is due in April next year.

National Treasury Principal Secretary Dr. Kamau Thugge says the government plans to engage the private sector to invest in infrastructure to reduce government borrowing.

The government has denied reports that it is seeking a 100 billion shillings loan facility to pay off maturing loans that are due early next year.

Thugge says there are no plans to add to the national debt, but the government plans to seek a repayment extension for a 77 billion shillings loan that is due on April next year by 10 years.

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He says, extension will give the government time to repay the loan without putting additional pressure to the economy.

Thugge says the government is keen on stepping up public private partnership for key infrastructure project in a bid to reduce borrowing.

The National Treasury has been encouraged to reduce domestic borrowing to allow local SMEs access credit for their ventures.

The government expects inflation to remain within a single digit figure in 2019 supported by a stable economy and favorable weather.

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