'Lost decade' of borrowing offers chance to recalibrate economy

Kenya continues to breach the IMF's debt sustainability thresholds, with debt service now consuming a significant portion of revenue. [Courtesy].

For the longest time, Kenya's economic growth prospects have been characterised by fiscal deficits, sluggish growth, and debt vulnerabilities that have since left the nation grappling with tough choices.

Over the last decade, the government embarked on enormous borrowing to finance "ambitious" infrastructure projects. The challenges faced by the country in servicing debt a decade after expose how the debt-financed projects have failed to yield expected returns.