Treasury now opts to empty State coffers to pay public debt

Controller of Budget Ms Agnes Odhiambo at Continental House in Nairobi. [Photo by Boniface Okendo/Standard]

The National Treasury spent more than 90 per cent of the Consolidated Fund on debt repayment in the first quarter of the current financial year, new data shows.

Further highlighting the strain the country’s public debt is exerting on the economy, the latest report from Controller of Budget Agnes Odhiambo shows that the share of the fund that went to debt repayment rose by 35 per cent in comparison to a similar period the previous year.