Public debt rose due to weak shilling, says budget controller

Controller of Budget Margaret Nyakang'o when she appeared before the Senate Standing committee Finance and Budget and Council of Governors to deliberate on the prompt payment bill on March 30, 2023. [Elvis Ogina, Standard]

The depreciating value of the Kenya shilling against the US dollar has caused an increase in debt stock and debt repayments in terms of local currency.

Controller of Budget Margaret Nyakang'o, in the National Government Budget Implementation Review Report for the Financial Year 2022/23, said public debt stock recorded 18.8 percent growth from Sh8.63 trillion reported on June 30, 2022, to Sh10.25 trillion as of June 30, 2023.