Kenya shilling is trading at a record low against the USD, with interventions by authorities to slow the slide. The weaker currency increased the country’s debt-to-GDP ratio, estimated at 67.4% at the end of FY22, and increased the debt-servicing burden. With 50% of sovereign debt in foreign currencies, Kenya’s reserves would likely improve in Q2 2023, with inflows from the World Bank, IMF, and commercial borrowing.