Bad borrowing habits back to haunt usKenya’s total debt touched Sh6.16 trillion in February after the country borrowed an additional Sh158 billion in two months. As a percentage of the gross domestic product (GDP), or the size of the economy, the country’s debt has since surpassed 60 per cent. We have little leg room for borrowing, thanks to our high appetite that saw the debt levels spiral to the current levels. Yet, there has never been a time when a country needs to borrow as now when the coronavirus is wreaking havoc. This is not even close to the Sh5 billion that Treasury had earmarked for emergency spending in the current financial year.

Source: Standard Digital April 05, 2020 06:00 UTC