Kenya's Eurobond buyback programme, aimed at managing national debt, has been criticized for essentially swapping old debt for new borrowing, failing to reduce the overall debt burden.

• The country borrowed fresh loans to settle existing debt, a strategy that has been viewed as a short-term fix.
• The Kenyan government is the primary entity involved in this debt management strategy.
• This approach leaves taxpayers exposed to growing refinancing and foreign exchange risks, with potentially more expensive interest payments in the future.