General
Kenya’s public debt surges by $11.8 bn in 2020
Kenya’s public debt rose by 1.3 trillion shillings ($11.8 bn) in 2020.
This is as the east African nation stepped up borrowing in response to the COVID-19 pandemic and implemented various infrastructure projects.
The Central Bank, in its weekly update of the financial markets on Friday, noted that the debt rose to $66.1bn, up from $54.3bn in January 2020.
Of the public debt, $34.4bn is external and the rest is domestic, according to the apex bank.
Most of the debt accumulated during the period was external and came from both multilateral and bilateral lenders like the World Bank to shore up Kenya’s efforts to contain the pandemic.
The East African nation also borrowed money during the period to implement various infrastructure projects that include roads and railways.
-
Entertainment16 hours ago
Controversial wedding: Nigerians backs Wofai, Taiwo Cole
-
Metro20 hours ago
Lagos to demolish over 100 shanties at Adeniji Adele
-
News20 hours ago
Israel to shut down ‘Hamas trumpet’ Al Jazeera
-
Entertainment16 hours ago
Davido blacklists Abuja barber who called him music industry 003
-
Metro20 hours ago
Police rearrest Edo prisoner who fled during EndSars
-
News7 hours ago
Two suspects arrested over missing DELSU student’s killing
-
News9 hours ago
Kidnappers sleep off after abducting Ondo pastor’s wife, others
-
Entertainment5 hours ago
James Brown publicly disowns sister after alleged assault