Official data from the Central Bank of Kenya showed that Kenya’s public debt rose by 9 percent y/y from KSh7.99trn at the end of September 2021 to KSh8.7trn at the end of September 2022.
External liabilities increased 7 percent to US$39.36bn while domestic debt grew 11 percent y/y to KSh4.37trn during the period. Meanwhile, President Ruto said that the Kenyan government will no longer borrow money at interest rates of more than 10 percent, adding that the cost of debt had become “unacceptable.” Ruto is seeking less costly loans after a debt-fuelled infrastructure construction drive by his predecessor saddled Kenya with high-interest commercial debt.
