Kenya’s public debt surges by $11.8 billion in 2020

Kenya’s public debt rose by 1.3 trillion shillings ($11.8 billion) 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 $66.1 billion, up from $54.3 billion in January 2020.

Of the public debt, $34.4 billion 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.

(Xinhua/NAN)