KENYA'S DEBT RISES TO SH6.28 TRILLION

In the quarterly economic and budgetary report, Treasury Secretary Ukur Yatani says "the increase in public debt is attributed to external loan disbursements and the uptake of domestic debt during the period." The sharp rise in debt portfolio is set to exert more pressure on the country's revenues that are already under performing due to economic disruptions, job losses, and salary cuts occasioned by the pandemic.

Last month, Kenya borrowed Sh107 billion ($1 billion) from the World Bank and Sh78.4 billion ($739 million) from the IMF to plug the budget deficit and cushion the economy from the fallout caused by the Covid-19 pandemic, further increasing the country’s debt. For more information read The Cytonn Report.