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Public debt hits Sh6.6 trillion in May

Kenya’s public debt has soared to Sh6 trillion in May. FILE PHOTO | NATION MEDIA GROUP

What you need to know:

  • In April, the debt was recorded at Sh6.436 trillion, with the rise in May largely on the external loans.
  • In May, the World Bank gave Kenya a Sh107 billion loan to fill the gap in the budget after the global crisis hit consumers and business.

  • Kenya also received a Sh78.4 billion loan from the IMF during the period, at zero-interest rate.

Kenya’s public debt increased by Sh212.82 billion in May from the previous month, owing to the loans extended to the government by multilateral lenders to cushion the country against shocks from the global coronavirus pandemic.

Central Bank of Kenya data show total government debt stood at Sh6.649 trillion as at end of May, composed of Sh3.496 trillion external debt and Sh3.153 trillion in domestic borrowing.