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Banks avoid lending to counties in debt fallout

National Treasury

The National Treasury building in Nairobi.

Photo credit: File | Nation Media Group
kimanthi

By  Kennedy Kimanthi

Regional Editor, South Rift

Nation Media Group

What you need to know:

  • Suppliers are facing auctioneers as banks seize their assets to recover loans.
  • Increased delays in public payment can affect private firms liquidity and profits.

  • Nairobi had a Sh78.7 billion debt, representing 69.1 per cent of the total bills by counties.

Peter Gatimu (not his real name) is a dejected man.

The contractor working with a county government in Mt Kenya has been receiving warnings from a banks to pay a loan he took three years ago.

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