@BdAfrica

Anxiety as Kenya’s public debt load hits Sh5trn mark - 10 months ago, 13 June 22:35

Geoffrey Irungu

Kenya’s public debt has crossed the Sh5 trillion mark for the first time, shining the light on Treasury mandarins and renewing the protracted debate on the country’s ability to carry the load in the long term.

Official statistics show that the latest acceleration in the debt pile up was mainly from external borrowing, which pushed total outstanding foreign debt to Sh2.563 trillion as at the end of February.

Domestic debt, which is more current having included last month’s data, now stands at Sh2.448 trillion, making for a total Sh5.011 trillion.

The steep rise in debt means a looming increase in debt servicing obligations, including interest and principal repayments, whose ultimate impact is to increase recurrent expenditure and a squeeze on development spending.

Economists said a key concern is the ramping up of commercial debt while the proportion of cheaper multilateral debt continues to fall.

“Multilateral debt has been going down since 2014, even as bilateral ...
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