IMF reveals Kenya debt could be more than Sh6.2 trillionFormer National Treasury Cabinet Secretary Henry Rotich is once again on the spotlight, after the International Monetary Fund (IMF) accused his team of using technicalities to conceal the true position of the country’s debt. This means that it is not possible to tell whether Kenya is able to meet all its debt obligations. The law has since been changed, and the ceiling for public debt shifted from being pegged on the national output, Gross Domestic Product (GDP), to a nominal ceiling of Sh9 trillion. Kenya’s debt has spiraled to Sh6.2 trillion as at December 2019, and going by IMF’s remarks, the figure could be even higher. The National Treasury CS has the discretion to grant tax exemptions, a process that the IMF now says has been shrouded in secrecy.

Source: Standard Digital January 18, 2020 05:03 UTC