By NATION AFRICA More by this AuthorKenya’s President William Ruto administration is reeling under a huge public debt burden, with loans maturing at a rate of Ksh50 billion ($368.32 million) every week. PHOTO | FILE | NMGProf Ndung’u told the committee led by Vihiga Senator Godfrey Osotsi that the debt obligations for the month of March were largely driven by interest payments to domestic creditors. In January, the government spent Ksh123.53 billion ($910 million) on debt obligations while in February it forked out Ksh66.7 billion ($491.34 billion). PHOTO | SIMON MAINA | AFPThe debt ceiling adjustment was meant to accommodate the financial year 2022/23 budget without raising the debt cap. Read: IMF supports Ruto revenue planExpenditure deficitThe CS further noted that Kenya’s targeted expenditure deficit stands at Ksh307 billion ($2.26 billion), way above the Ksh107 billion ($788.21 million) revenue shortfall.

Source: Daily Nation April 26, 2023 13:42 UTC