Kenya has already paid $238.8 million (Ksh35.3 billion) to Gulf companies under the government-to-government import credit scheme meant to address the exchange rate volatility.

The National Treasury Cabinet Secretary Prof. Njuguna Ndung’u noted that the first three letters of credit (LCs) issued under the arrangement had since been settled before maturity, “without distorting the Forex market”.

For more information, please see https://www.theeastafrican.co.ke/tea/business/kenya-pays-238m-to-gulf-companies-under-g-to-g-arrangement-4381784