Kenya has appointed Raphael Owino, a central bank economist, as the new head of its debt management office, replacing Haron Sirima, according to a statement from the finance ministry on Wednesday.
Sirima, who expressed a desire to step aside for a younger successor earlier this year, has been succeeded by Owino.
The finance ministry highlighted Owino’s extensive experience in public debt management, emphasizing his role in achieving and sustaining sustainable public debt levels, reducing long-term debt servicing costs, and effectively managing the risks associated with contingent liabilities.
Earlier this year, Kenya’s financial stability drew attention amidst concerns over potential default on a $2 billion international bond.
Recent violent protests, prompting President William Ruto to withdraw proposed tax increases, have further complicated fiscal targets set by the International Monetary Fund (IMF) and raised concerns about increased borrowing costs, noted investors and analysts.
In response to these challenges, the finance ministry executed a buyback of most of the $2 billion bond in February through the issuance of a new $1.5 billion bond, with the remaining balance settled last month.
