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Weak rating to hurt Ruto's borrowing plan

President William Ruto speaks after launching projects in Chogoria, Tharaka-Nithi County, July 13, 2023. [Phares Mutembei, Standard]

Rising borrowing costs and tougher market conditions could see the embattled government struggle to refinance upcoming maturing debts.

This is against a backdrop of the weaker credit rating by global rating agencies, signalling taxpayers will have to dig deeper into their pockets to service the planned loan amid tighter global loan market conditions.

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