Debt payment climbs by 177bNear-double rise in the amount over the last eight months reverses gains made in revenue collection. A surge in Kenya’s debt obligation dealt a blow to President Uhuru Kenyatta’s austerity programme in the first eight months of the current financial year. According to the latest statement by the National Treasury on revenues and expenditure, debt payment grew by 75 per cent to Sh413.7 billion as of February compared with Sh236.3 billion in the same period last year. The fiscal deficit is expected to decline further to 3.1 per cent in the medium-term as the Government restricts growth in recurrent spending. Disbursements to counties increased by 40 per cent to Sh177.3 billion.

Source: Standard Digital March 28, 2019 21:04 UTC