In the 2020 Budget Policy Statement, Sh630.1billion had been allocated towards debt repayment in the FY’2020/21 budget. "Restructuring the existing bilateral, multilateral and foreign commercial debt will help ensure the livelihoods of the citizenry is not compromised," says Cytonn. The credit rating provider expects Kenya's general government debt to continue rising through FY22 to reach about 70 per cent of GDP. The concern on increasing debt follows the country missing out on the International Monetary Fund’s debt service relief to poor countries announced on Monday. IMF did not, however, leave Kenya completely in the dark doubling the country’s reserve of foreign currency to Sh75 billion.

Source: The Star April 16, 2020 00:56 UTC