{"id":9915,"date":"2012-04-14T04:12:13","date_gmt":"2012-04-14T02:12:13","guid":{"rendered":"http:\/\/www.myza.co.za\/04\/kenya-600-mln-loan-to-have-7-pct-yield\/"},"modified":"2012-04-14T04:12:13","modified_gmt":"2012-04-14T02:12:13","slug":"kenya-600-mln-loan-to-have-7-pct-yield","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/kenya-600-mln-loan-to-have-7-pct-yield\/","title":{"rendered":"Kenya $600 mln loan to have 7 pct yield"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">NAIROBI, April 13<\/span> (Reuters) &#8211; Kenya has agreed to borrow<br \/>\n$600 million from foreign creditors at an interest rate of 7<br \/>\npercent, a senior Treasury official said on Friday.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>The east African nation desperately needs the loan to plug a<br \/>\nfunding shortfall for its fiscal year ending June 2012 after<br \/>\nlocal borrowing rates soared and full-year revenue collections<br \/>\nshowed signs of falling below target.<\/p>\n<p><span><\/span><\/p>\n<p>Geoffrey Mwau, economic secretary at the ministry of finance<br \/>\nsaid it was not clear when the government would sign an<br \/>\nagreement with the three banks that won a bid to arrange the<br \/>\nloan, Standard Chartered, Citibank and South Africa&#8217;s Standard<br \/>\nBank.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;They (negotiations) are basically done. It should be 7<br \/>\npercent,&#8221; Mwau told Reuters by phone.<\/p>\n<p><span><\/span><\/p>\n<p>Finance Minister Robinson Githae had told reporters on<br \/>\nWednesday that the government was renegotiating the terms of the<br \/>\nloan to ensure they get the best deal.<\/p>\n<p><span><\/span><\/p>\n<p>Githae had also said he would ask for evidence that the<br \/>\nfunds would be sourced offshore, to ensure that the lenders did<br \/>\nnot mop up hard currency locally, piling pressure on the<br \/>\nshilling.<\/p>\n<p><span><\/span><\/p>\n<p>The shilling slumped last year, causing anger among<br \/>\ncitizens due to the resulting rise in prices of imported goods,<br \/>\nforcing policymakers to sharply raise interest rates.\t<\/p>\n<p> (Reporting by Duncan Miriri; Editing by George Obulutsa and<br \/>\nPatrick Graham)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NAIROBI, April 13 (Reuters) &#8211; Kenya has agreed to borrow $600 million from foreign creditors at an interest rate of 7 percent, a senior Treasury official said on Friday. The east African nation desperately needs the loan to plug a funding shortfall for its fiscal year ending June 2012 after local borrowing rates soared and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-9915","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=9915"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9915\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}