The government has to find ways to reduce Kenya’s debt repayment burden by restructuring some of its debt, budget experts have advised. The composition of Kenya’s debt has significantly changed through increased borrowing from external commercial sources such as Eurobonds and, more recently, from taking on syndicated loans from commercial banks. Currently, the country’s debt stands at Sh6.694 trillion–Central Bank of Kenya data–where external debt amounts to Sh3.515 trillion while domestic is Sh3.175 trillion. The total public debt service payments as at June 2019 amounted to Sh640.829 million, National Treasury books indicate. This is backed by last November’s Parliament move to okay public debt ceiling to increase to Sh9 trillion.

Source: The Star October 09, 2020 00:56 UTC