Kenya’s Treasury called for stricter discipline in public spending due to high domestic interest rates, with the government currently paying more than 15% for three-month Treasury bills and almost 18% for longer-term debt. Despite a recent rate cut by the central bank, these rates remain significantly higher than the cost of foreign borrowing. Meanwhile, Kenya is negotiating a USD 1.5 bln bond backed by the UAE after delays in securing a USD 600 mln IMF loan.