The government has borrowed Sh1.06 trillion during the coronavirus pandemic period to push the country's public debt to Sh7.34 trillion. “External debt servicing amounted to Sh183.92 billion and comprises Sh103.74 billion and Sh80.18 billion towards principal and interest payments respectively. The debt rose to Sh2.37 trillion within Jubilee’s first year in office before shooting to Sh2.82 trillion in 2015 and Sh3.6 trillion in 2016. By the end of 2017, the debt had hit Sh4.4 trillion before climbing to Sh5.03 trillion in 2018. The loans would be advanced by the World Bank, International Monetary Fund and the African Development Bank.

Source: The Star June 08, 2021 02:03 UTC