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    HomeTop StoriesThe government reacts to China's Ksh1.3B SGR penalty claims.

    The government reacts to China’s Ksh1.3B SGR penalty claims.

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    Ukur Yatani, Kenya’s outgoing Treasury Cabinet Secretary, has denied reports that the Chinese government penalized Kenya Ksh1.3 billion for defaulting on loans for the Standard Guage Railway.

    The Treasury Department issued a statement on Thursday, October 13 calling the allegations “false,” and reiterating that the government has not missed payments on its debt.

    When describing the SGR loan repayment mechanism, the Treasury also suggested that Kenya would not be flagged by financial institutions.

    In addition, the government guaranteed its loan providers that it would timely repay their funds.

    We would want to categorically say that Kenya has never failed to meet its debt service commitments to any of its creditors, nor has any creditor filed or reported any claim of failure to meet debt service payments on facilities given to the Government of Kenya. Furthermore, Kenya has not amassed any debt arrears in decades, indicating that debt payment is not a problem.

    The remarks made by the CS.

    Reports state that Kenya’s punishment of Ksh1.3 billion was equivalent to 1% of the total amount owed by Kenya to China in the previous financial year.

    An estimated Ksh360 billion was spent on SGR, a legacy project of former President Uhuru Kenyatta.

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