Kenya’s public debt keeps going up

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Debt

Kenya’s public debt rose by 432 billion shillings (about 4 billion U.S. dollars) in the first half of 2021, pushing the east African nation’s total borrowing to 71.3 billion dollars, the Central Bank said in its weekly update of the financial markets released Friday.

The debt jumped from 67.3 billion dollars at the end of 2020, with the borrowing done to fund the budget amid COVID-19 disruption as well as complete infrastructure projects.

Kenya in the six months took loans from both internal and external sources.

From external sources, the county received cash from the International Monetary Fund (IMF) and the World Bank and it also raised 1 billion dollars from a Eurobond offer.

Internally, Kenya raised cash through Treasury bills and bonds.

Of the public debt, 34.12 billion dollars, or 47.9 percent, is domestic, while the rest is from external sources.

The new debt level puts the country’s public debt to gross domestic product ratio close to 70 percent, according to the National Treasury. Enditem

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