Public debt to hit Sh7.5trn by June next year, says report
The National Treasury in Nairobi. Treasury Cabinet Secretary Ukur Yatani submitted to Parliament a revised Sh2.92 trillion 2020/21 supplementary budget, with the figure rising from Sh2.7 trillion.
According to the budget office, debt servicing expenditures are estimated to utilise up to 49 per cent of ordinary revenues in the current financial year.
PBO further notes that 2020/21 will present difficult economic conditions for fiscal consolidation measures required to maintain debt at sustainable levels.
The country’s debt stock is expected to hit Sh7.5 trillion by June 2021, according to projections by the Parliamentary Budget Office (PBO).
The office warns that given the current and projected expenditure demands, Kenya’s debt stock could reach Sh9.2 trillion in the 2022/23 financial year.
