Kenya public Cheat-sheet debt rose by $2 Billion, totals $60 Billion

Kenya public Cheat-sheet debt

Kenya public Cheat-sheet debt rose by Sh 212.82 billion ($2 Billion)in May due to more unsecured loans over Coronavirus.

Kenya had to get more funds for survival due to low-income generation due to the pandemic.

Kenya public Cheat-sheet debt

Central Bank of Kenya data registers total government debt at Sh6.649 trillion($60 Billion) as at the end of May, composed of Sh3.496 trillion external debt and Sh3.153 trillion($30 Billion) in domestic debt.

‘’The increase in public debt in May was due to the inflows from international financial institutions IMF, World Bank, Africa Development Bank which filled the deficit of the initial pre-empted Sh200 billion from commercial loans,” said Genghis Capital head of research, Churchill Ogutu.

“The switch to the multilateral lenders was intensified by Covid-19 risk on the potential financing sources on concessional terms and doesn’t wipe out the fact that elevated borrowing was on the table in the budget,” he added.

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