Kenya's World Bank Debt Soars Past $9.9 Billion, Raising Economic Concerns
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Kenya's World Bank debt surpassed Ksh1.5 trillion ($9.9 billion) in June 2022.
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Currency devaluation and fresh disbursements contributed to the steep debt increase.
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The World Bank now holds over 60% of Kenya's outstanding debts to multilateral lenders.
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Kenya's reliance on foreign lenders like the World Bank leaves it vulnerable to exchange rate risks.
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64% of Kenya's revenue is expected to go toward debt servicing in the current financial year.