Kenya's public debt has climbed to 11.7 trillion shillings, representing 67.8 percent of GDP, after the Treasury secured more than 1.1 trillion shillings in fresh borrowing during the past fiscal year. Controller of Budget Margaret Nyakang'o informed the National Assembly's Committee on Public Debt and Privatization that the total jumped from 10.6 trillion shillings, with domestic obligations accounting for 6.3 trillion shillings and external liabilities reaching 5.4 trillion shillings.
Debt servicing will consume 1.6 trillion shillings this fiscal year, exceeding 70 percent of ordinary revenue, Nyakang'o reported. The burden splits between 699.5 billion shillings for domestic interest payments and 540.1 billion shillings for external obligations. State-owned enterprises such as Kenya Airways, KenGen and Kenya Ports Authority continue presenting fiscal risks through government-guaranteed loans.
Counties face their separate crisis with 183.03 billion shillings in unpaid bills as of June 30. Nearly half of these arrears are more than three years old, undermining fiscal discipline and triggering legal disputes with suppliers.
Debt servicing will consume 1.6 trillion shillings this fiscal year, exceeding 70 percent of ordinary revenue, Nyakang'o reported. The burden splits between 699.5 billion shillings for domestic interest payments and 540.1 billion shillings for external obligations. State-owned enterprises such as Kenya Airways, KenGen and Kenya Ports Authority continue presenting fiscal risks through government-guaranteed loans.
Counties face their separate crisis with 183.03 billion shillings in unpaid bills as of June 30. Nearly half of these arrears are more than three years old, undermining fiscal discipline and triggering legal disputes with suppliers.
