Kenya's Current Public debt has reached an alarming level, surpassing 67 percent of the Gross Domestic Product (GDP) and exceeding the authorized limit of 55 percent.
The Office of the Controller of Budget represented by the Deputy Controller of Budget, Stephen Masha, issued a warning during the National Assembly's Budget and Appropriations Committee meeting, held at the English Point Marina, Mombasa, highlighting the growing debt as a significant threat to the nation's economic stability.
According to the Report, Masha stated that the Country's debt stands at Sh10.79 trillion, with Sh5.19 trillion attributed to external debt and Sh5.6 trillion to internal debt.
He noted that this surge is primarily due to infrastructure projects, managing exchange rates, meeting debt servicing obligations, and continuous borrowing to finance budget deficits. "The rapid accumulation of debt is a cause for concern, as it increases repayment pressure and limits the government's ability to fund essential services," Masha stated.
