Home Editors choice Kenya sells residency permits and citizenship to reverse national debt

Kenya sells residency permits and citizenship to reverse national debt

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Kenya is finding an alternative method to repay or considerably reduce its crippling national debt.

The country’s debt amounts to 15% beyond the numbers set for developing countries by the International Monetary Fund (IMF). It has been reported that every Kenyan child born today owes its lenders $1, 300 (Sh130, 000).

Kenyan officials are optimistic that the sale of citizenship and residency permits would help pay loans, largely reduce national debt and boost the country’s economy. The government is much expected to push for investments in businesses or government bonds before granting a passport or residence permit, the same way as the United States or the UK.

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