Kenya’s economy has been pummelled by the coronavirus crisis at a time when more of its debts are falling due and as it is still grappling with gaping fiscal deficits.
The rate at which the government is accumulating loans is alarming. According to the National Treasury statement on borrowing and public debt management dated December 2020, the government contracted new external loans amounting to Sh1.87 trillion between February 2017 and August 2020, “to finance capital expenditures and refinance public debt obligations due.”
