In an effort to manage a maturity wall and ease the pressure on public finances, Kenya is considering buying up maturing local bonds using the proceeds from the corresponding sale of longer-term bonds.

The targeted amounts for these bond purchases will be determined on a case-by-case basis, taking into account market conditions and other government funding priorities, according to the same source. According to a publication by Zone Bourse that cites LSEG data, this East African country is facing local bond maturities of 495 billion shillings (3.84 billion dollars) this year. Kenya has been struggling to meet large debt repayments in recent years, the result of a frenzy of borrowing to finance infrastructure since 2013

The central bank did not immediately respond to a request for comment on this draft. Finance Minister John Mbadi was also not immediately available