Sri Lanka is the latest country to witness socio-economic upheavals stemming from the inability of government to keep up with debt repayments, fund day-to-day operations and development projects. Zambia, Lebanon, Argentina, Belize and Suriname are some of the countries that have defaulted on their international debt obligations. Until their defaults, these developing countries were all hailed as the bellwether for economic development in their respective regions. Despite all the reassurances and speeches from the government and the National Treasury, several indicators point to Kenya being on the brink of a severe debt crisis that the country has never experienced before. Last year, the National Treasury backdated Sh165 billion in budgetary expenditure for the 2020/2021 Financial Year.

Source: Daily Nation May 13, 2022 16:00 UTC