Kenya’s debt nears Sh6tr as Treasury goes on a borrowing spree

Central Bank of Kenya Governor Patrick Njoroge says the budget deficit has expanded to 7.4 per cent of GDP past Treasury’s target of 6.8 per cent. [Standard]

Kenya’s public debt surged closer to Sh6 trillion at the end of June after Treasury borrowed an additional Sh770 billion in 12 months.

Central Bank of Kenya’s weekly bulletin showed that the country’s public debt expanded by 15.2 per cent to hit Sh5.89 trillion from Sh5.039 trillion in June 2018, as Treasury plunged into the credit market to fund infrastructural projects.