Kenya’s public debt hits 70.8 bln USD on elevated overseas loans

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Kenya’s public debt elevated by 875.7 billion shillings (about 7.75 billion U.S. {dollars}) within the 12 months to September to hit 70.8 billion U.S. {dollars} because of accelerated exterior and home borrowing, the National Treasury stated in a report launched on Wednesday.

Of the gross public debt that stood at 63.05 billion {dollars} at the top of September 2020, 50.8 p.c was exterior and 49.2 p.c home.

“In dollar terms, external public debt stock increased by 2.97 billion dollars to 36.7 billion dollars by the end of September. This comprised debt owed to multilateral lenders (41.9 percent), commercial banks (29.5 percent), bilateral sources (28.3 per cent) and suppliers credit (0.3 percent),” the Treasury stated.

“The rise is attributed to increase in external loans disbursements and exchange rate fluctuations,” the Treasury added within the report dubbed Quarterly Economic and Budgetary Review.

By the top of September, Treasury stated the full cumulative debt service funds to exterior collectors amounted to 684 million {dollars}, comprising 61.2 p.c principal and 38.8 p.c curiosity.

Kenya’s high bilateral lenders are United Arab Emirates, Austria, Belgium, Canada and China whereas multilateral lenders are African Development Bank, Arab Bank for Economic Development in Africa, and European Investment Bank. End merchandise

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