'Tightrope' debt situation not unique to Kenya, finance minister says

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Kenya's struggle with a heavy debt load and pressure on its hard currency reserves is not unique since other nations are facing the same situation, its finance minister said on Wednesday.

Njuguna Ndung'u was responding to a research note by U.S. investment bank JPMorgan which said on Tuesday that the East African nation was "walking a tightrope" to avoid a crisis due to a maturing dollar bond and persistent currency weakness.

The upcoming Eurobond maturity "should not be a big deal", Ndung'u said, since Kenya can use its reserves at the central bank to pay off the debt.

 

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