Kenya’s Bulging Public Debt is going out of control

Kenya

The world bank is worried and has warned that Kenya’s public debt could become disastrous.

World Bank has however, advised that Kenya’s government seek to get debt relief from International debt services and developments partners.

Kenya’s total external debt, made up of multilateral, bilateral loans, commercial loans and export credit was US$ 23.9 Billion in June 2018, rising to US$ 29.6 Billion in June 2019 and hitting US$ 33.1 Billion as at the end of June 2020.

According to the world banks statement this November in its 22nd edition of Kenya economic Update, “Kenya’s debt position remains sustainable, but that the risk of debt distress has increased to high, due to the COVID-19 crisis weakening exports and real GDP growth and delaying fiscal consolidation.”

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