A socio-economic rights centred evaluation of Kenya’s law and practice on sovereign debt acquisition, servicing and restructuring

Abstract

This paper addresses Kenya’s rising sovereign debt burden and its implications for socio-economic rights. Despite constitutional mandates to safeguard these rights, Kenya’s debt accumulation and management practices seem to prioritise servicing obligations over citizen welfare. This study comprehensively analyses Kenya’s debt landscape, specifically looking at: debt accumulation, the link between sovereign debt and socio-economic rights, the legal framework underpinning sovereign debt in Kenya and its flaws, and international best practices in dealing with sovereign debt. Through this, the study aims to inform decision-making for more equitable and sustainable debt management practices in Kenya, aligning with constitutional obligations and promoting the fulfilment of socio-economic rights. The insights in this paper are intended to form the groundwork for a socio-economic rights-centred approach to sovereign debt acquisition, servicing, and restructuring.