The recent statistics from the National Treasury have indicated that as of the end of August 2019, Kenya’s total public debt was at KSh5.95 trillion. Foreign lenders dominate Kenya’s debt book with KSh3 trillion being foreign debt while domestic debt stands at KSh2.9 trillion.
The debt increased in the month of May when the country borrowed KSh210 billion through a third Eurobond.
Analysts predict a strenuous period of debt repayment especially if the global economy enters into a recession. Kenya’s debt is likely to hit 6 trillion Kenya shillings by the end of the year.
The global recession has been a big fear ever since the two largest economies in the word, the United States and China got into trade wars that have threatened their economic growth.