Kenya has appointed central bank economist Raphael Owino as the new head of its debt management office, the finance ministry announced on Wednesday.
Owino succeeds Haron Sirima, who expressed in January his desire to step aside for a younger successor.
“Owino’s expertise in public debt management, particularly in achieving and maintaining sustainable public debt, reducing long-term debt servicing costs, and managing the risk of contingent liabilities, will be a significant asset,” the finance ministry stated in a post on social media platform X.
Kenya’s public finances have been under scrutiny this year, initially due to concerns about a potential default on a $2 billion international bond.
More recently, violent protests prompted President William Ruto to retract planned tax hikes. Analysts and investors caution that the withdrawal of these tax increases might hinder efforts to meet International Monetary Fund targets and potentially increase borrowing costs.
In February, the finance ministry repurchased most of the $2 billion bond by issuing a new $1.5 billion bond, subsequently paying off the remaining balance last month.
