{"id":71189,"date":"2022-10-14T15:15:10","date_gmt":"2022-10-14T15:15:10","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt"},"modified":"2022-10-14T15:28:36","modified_gmt":"2022-10-14T15:28:36","slug":"kenya-denies-defaulting-on-china-railway-debt","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt","title":{"rendered":"Kenya denies defaulting on China railway debt"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Kenya on Thursday denied it had defaulted on interest repayments on a loan advanced by China for the construction of a railway line from the port city of Mombasa that opened in 2017.<\/p>\n

The $5 billion project, financed 90 percent by China, replaced the so-called “Lunatic Express” — a line built more than a century ago by colonial power Britain which was notorious for lengthy delays and breakdowns.<\/p>\n

Kenya’s Business Daily reported that the government failed to repay interest on the loan in the financial year ended June, attracting a fine of 1.312 billion Kenyan shillings ($10.8 million).<\/p>\n

But Treasury Cabinet Secretary Ukur Yatani rejected the report as “misinformation”, saying the financial position of the East African economic powerhouse was “sound and robust”.<\/p>\n

Currently snaking from Mombasa via the capital Nairobi to the Rift Valley town of Naivasha, it is planned to eventually link Uganda, Rwanda, South Sudan, Burundi and Ethiopia.<\/p>\n

The railway was to be managed by the Chinese contractor for five years before being handed over to the Kenyan government.<\/p>\n

But it has posted losses, with analysts worrying the trend could continue after newly elected President William Ruto last month reversed a policy that made it mandatory for cargo to use the railway.<\/p>\n

China is Kenya’s second-largest lender after the World Bank and has funded a number of costly infrastructure projects that have raised concerns about Nairobi taking on more debt than it can afford.<\/p>\n

The country’s public debt load in June stood at 8.6 trillion shillings ($71.1 billion), an 11.5 percent rise from a year earlier, according to government figures.<\/p>\n

Loan interest repayments have however shot up in recent months as the value of the shilling rapidly loses ground against international currencies, trading at 121 to the dollar on Thursday.<\/p>\n

Yatani said there was no cause for alarm as the country frequently undergoes independent sovereign rating reviews which are published widely.<\/p>\n

“At no time has Kenya been flagged as a country defaulting on its external debt obligations,” he added.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Kenya on Thursday denied it had defaulted on interest repayments on a loan advanced by China for the construction of a railway line from the port city of Mombasa that opened in 2017. The $5 billion project, financed 90 percent by China, replaced the so-called “Lunatic Express” — a line built more […]<\/p>\n","protected":false},"author":84,"featured_media":71188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[6857,7003,8958,544,8959],"class_list":["post-71189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-kenya","tag-china-africa-relations","tag-kenya","tag-rail-transport"],"yoast_head":"\nKenya denies defaulting on China railway debt - kenya<\/title>\n<meta name=\"description\" content=\"Kenya on Thursday denied it had defaulted on interest repayments on a loan advanced by China for the construction of a r ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya denies defaulting on China railway debt\" \/>\n<meta property=\"og:description\" content=\"Kenya on Thursday denied it had defaulted on interest repayments on a loan advanced by China for the construction of a r ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-14T15:15:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-14T15:28:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/10\/postQueueImg_3-634980003a918.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"538\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Kenya denies defaulting on China railway debt\",\"datePublished\":\"2022-10-14T15:15:10+00:00\",\"dateModified\":\"2022-10-14T15:28:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt\"},\"wordCount\":345,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2022\/10\/postQueueImg_3-634980003a918.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"China-Africa relations\",\"Kenya\",\"Rail transport\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-denies-defaulting-on-china-railway-debt\",\"name\":\"Kenya denies defaulting on China railway debt - 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