Posted 4/7/2024, 4:00:00 AM
Kenya's Public Debt Breaches Legal Limit, Hits Sh11.14 Trillion
- Kenya's public debt hit Sh11.14 trillion as of December 31, 2023, exceeding the legal limit set by parliament
- Debt rose by Sh860 billion in just 6 months between June and December 2023
- External debt is 54.7% of total debt and grew the fastest at 11.8% due to currency devaluations
- The government is already in breach of the Public Finance Management Act debt ceiling
- The Controller of Budget recommends reducing budget deficits to curb further debt growth
