What do the Kenyan Budget numbers tell about the Sovereign Bond?

NAIROBI, KENYA: Three days have passed since the National Treasury Cabinet Secretary Henry Rotich appeared before Parliament to read out a budget policy statement in addition to presenting the Finance Bill. To the credit of Treasury, the statement was available on its website soon after the ceremony.

A content analysis of the digital version of the speech revealed that the Cabinet Secretary mentioned or made reference to the word ‘debt’ five times in the 23-page statement. His contention is that the national debt position is not only well-positioned but that there is scope for prudent expansion of debt to finance pressing development needs. Many informed Kenyans are often appalled by the paucity of financing options that the Treasury has traditionally taken.