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November 11, 2025
2h ago

IMF Warns Kenya, Ethiopia Over Switching Loans From Dollar to Yuan

IMF Warns Kenya, Ethiopia Over Switching Loans From Dollar to Yuan

The government completed the conversion of the Ksh646.15 billion (USD 5 billion) SGR loan owed to China from dollars to yuan in October...

✨ Key Highlights

The International Monetary Fund (IMF) has issued a warning to Kenya and Ethiopia following Kenya's decision to repay its Standard Gauge Railway (SGR) loan in Chinese yuan instead of the US dollar, citing potential currency risks.

  • Kenya converted its Ksh646.15 billion (USD 5 billion) SGR loan to yuan on October 7, with Treasury Cabinet Secretary John Mbadi reporting potential annual savings of Ksh27.78 billion (USD 215 million).
  • The IMF cautioned that while currency switching can lower costs, it can also introduce new vulnerabilities and stressed the need for inclusion in comprehensive medium-term debt and reserve management strategies.
  • David Ndii, President William Ruto's economic adviser, stated that Western lenders, including the World Bank and IMF, had pressured Nairobi to restructure its debt, questioning the use of their dollar loans to pay China.

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