Biden and Kenyan leader urge global leaders to lessen crushing debt on developing nations | Aamer Madhani / The Associated Press

President Joe Biden and Kenya’s President William Ruto shake hands as they meet with business leaders in the East Room of the White House in Washington on Wednesday, May 22, 2024.

“Together we will call to the international community to come together around these elements to support high-ambition countries with high-ambition financial support,” the White House said in a fact sheet detailing the effort. Biden and Ruto are set to hold formal talks and a joint news conference on Thursday before a state dinner in a pavilion on the South Lawn of the White House.

Kenya’s debt-to-GDP ratio tops 70%, with the bulk of it owed to China. Credit ratings agency Fitch estimates Kenya will spend almost one-third of its government revenues just on interest payments this year. The designation, while largely symbolic, reflects how Kenya has grown from a regional partner that has long cooperated with US counterterrorism operations on the continent to a major global influence—even extending its reach into the Western Hemisphere. Kenya will be the first sub-Saharan African country to receive the status.

Ruto arrived in Washington on Wednesday and began his three-day state visit by meeting with Biden and tech executives from Silicon Valley and Kenya’s growing tech sector—known as the Silicon Savannah.

Source: Loan Digest (loandigest.net)

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