The government is seeking to acquire a new Ksh124 billion Eurobond loan by the end of July 2021.
In a tender notice dated Tuesday, April 20, the National Treasury revealed it is securing the services of an advisory firm as it seeks to acquire the bond.
This comes after Kenya got a Ksh255 billion loan from International Monetary Fund.
The advisory firm will review Kenya's terms and services of loan arrangements for external commercial debts and loan contracts.
The Treasury indicated that the financial institution will help manage the country's foreign debt while balancing the books.
It will also advice the Treasury on management of the current liabilities presenting solutions on how to improve the current debts.
Kenya first acquired a Eurobond loan in 2014, receiving Ksh200 billion and Ksh75 billion separately that year.
The government got a third Ksh200 billion Eurobond loan in 2018 which was channeled towards servicing debt and development projects. The office of the Auditor General, however, revealed that receipts and spending of Ksh215.5 billion Eurobond were unaccounted for.
Kenyans voiced their disappointment in the government's appetite for loans, initiating an online drive to petition the IMF to halt its loan to Kenya.
This forced the International lender to issue strict guidelines prior to disbursing the loan.
The government is also in discussions with the World Bank over a new Ksh82 billion loan that would be used to service debts. The Treasury hopes to secure the loan by June 2021.
Kenya's debt is expected to rise to Ksh7.66 trillion from Ksh6.69 trillion by June 30, the end of the financial year 2020/21 and Ksh8.59 trillion in June 2022 and Ksh9.37 trillion by mid-2023.
Treasury Cabinet Secretary Ukur Yatani has lobbied to raise the country's debt ceiling past Ksh9 trillion.