Kenya’s debt costs to remain high as government relies on local borrowing, Moody’s says

Kenya’s cost of servicing its debts is expected to remain stubbornly high, ratings agency Moody’s said on Wednesday, as the government leans on the domestic debt market to fund its budget shortfalls.

The East African nation has one of the highest debt interest costs to revenue ratio in the world, Moody’s said, and spends a third of government revenue on settling interest payments.

“Kenya will rely predominantly on the domestic market to…