The Kenyan Government published on the evening of August 15, official figures on the current state of the public debt of the engine of the East African economy and its 53 million inhabitants.
Kenya’s public debt curve has yet to reverse. It even exceeded during the second half of 2023, the national ceiling set by the laws of the country in terms of public finances.
It reached a historic level of 10,100 billion shillings (64.1 billion euros) or the equivalent of 62.43% of the country’s GDP, for a debt ceiling set at 10,000 billion shillings.
The country’s Senate must approve in the coming months an amendment blowing up the fixed amount of the country’s debt by relying instead on a share of public debt in GDP not to be exceeded.
These global statistics on Kenya’s debt come at a time when the local economy is facing a certain gloom due to a record drought affecting part of the country since last year, and a cyclical political challenge to the power of W. Ruto.
Source: Africa News Agency