The ICPC has asked the IMF, the World Bank, and other international lenders to immediately stop assisting Kenya pending an audit of the current state of debt.
The World Bank attributes the downgrade to the continued struggle with weak government balance sheets, partly from low revenue collection and high debt-service costs.
The lawmaker shared his views via social media platform X, amid criticism from various parties, including Northern Frontier leaders, who deem the formula discriminatory.
Kenya used the $1.5 billion it raised on February 12, 2024, in the Eurobond buyback issue to make the payment, thereby eliminating the risk of debt default.
Central Bank of Kenya Governor Kamau Thugge had acknowledged concerns about the country's ability to repay the 10-year Eurobond when it matures in June.
