State abandons Sh9 trillion debt ceiling rule

The National Treasury and Planning CS Ukur Yattani leaving the treasury building to present the Financial Year 2021/2022 budget at Parliament Buildings, Nairobi. June 10, 2021. [Jonah Onyango, Standard]

Kenya is set to abandon the current Sh9 trillion legal ceiling of debt issuance and revert to one that is pegged on the gross domestic product (GDP).

This was revealed by the International Monetary Fund (IMF) in its first review of the extended arrangement under the Extended Fund Facility and Extended Credit Facility, a Sh256 billion credit facility programme.