Kenya to approach China for an additional $1 billion loan

Kenyan President William Ruto is going to China this month to ask for a loan of $1 billion to pay for road projects that have stopped.

Mr Gachagua said on Inooro FM radio that lots of contractors stopped working on projects all over the country because they weren’t being paid for their work.

He mentioned that Kenya already owes a lot of money to China, but the president wants to ask for an additional $1 billion. The president also wants more time to pay back the money that Kenya already owes.

He said the president will tell the Chinese that “we agree that we owe you money. Can we discuss adding more time to repay it, paying at a slower pace, and possibly receiving additional funds to complete our road construction. ”

Kenya has borrowed more than $8 billion from China, mostly during President Uhuru Kenyatta’s time in office, to fund infrastructure projects.

The second-in-command addressed the problem of government officials being too wasteful, saying it was the reason the president had ordered a limit on traveling to other countries.

This week, the government decided that public officials cannot take unnecessary trips overseas to save money. They also told all government departments that they must reduce their budget for the next year by 10%.

The government has been blamed for spending money without a good reason, and many Kenyans are upset about the high cost of living and increased taxes imposed by the government.