By BUSINESS DAILY More by this AuthorThe size of Kenya’s debt from the World Bank crossed Ksh1.5 trillion ($9.99 billion) in June on increased disbursements and depreciation of the shilling. The Ksh110.9 billion ($738.35 million) growth in a single month now means close to 60 percent of total owings to multilateral lenders belong to the World Bank. According to the data, 73 percent of the country’s external debt is owed to World Bank, Eurobonds, China and the African Development Bank, giving a combined Ksh3.97 trillion ($26.4 billion). Increased dependence on these financial partners for infrastructural developments and fiscal support has put the country on a difficult path as it juggles high debt service costs. Read: Weak shilling raises Kenya debt repaymentHigh exposureOverall, total debt to external lenders stood at Ksh5.4 trillion ($35.95 billion) in June and had risen to Ksh5.7 trillion ($37.95 billion) at the end of August, representing 54 percent of total public debt.

Source: Daily Nation October 27, 2023 05:17 UTC