Kenya's National Treasury is warning of a looming debt crisis as a result of global shocks and a slowdown in economic growth. The government borrowed over U.S.$6 billion in the financial year 2022/23, comprising project loans, programme loans, commercial borrowing, use of IMF special drawing rights (SDR) allocation and domestic securities. Former president Uhuru Kenyatta borrowed heavily from China and the international financial markets to fund rail, road and port projects. Many of these reportedly failed to generate enough to pay the debts. In June 2023 his successor, President William Ruto signed into law the Finance Bill that was approved by the National Assembly in an attempt to raise additional funds through new taxes. Ruto hopes the Bill will enable his administration to deliver on their manifesto pledge to Kenyans and cut on a huge dependence on external debt. The Finance Bill if implemented, will mean heavier taxes for Kenyans, in addition to the rising food and fuel prices. Petitioners have meanwhile approached the courts to have the Finance Bill 2023 declared unconstitutional, null and void.
as a result of global shocks and a slowdown in economic growth.
The government borrowed over U.S.$6 billion in the financial year 2022/23, comprising project loans, programme loans, commercial borrowing, use of IMF special drawing rights allocation and domestic securities.and the international financial markets to fund rail, road and port projects. Many of these reportedly failed to generate enough to pay the debts.the Finance Bill that was approved by the National Assembly in an attempt to raise additional funds through new taxes.
have meanwhile approached the courts to have the Finance Bill 2023 declared unconstitutional, null and void.The National Treasury is warning of a looming debt crisis as a result of global shocks and a slowdown in economic growth.
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