JUST IN: Kenyans Pay Kes.1.6 Trillion in 2023-24 to Service Debt, Taking Up 68% of Revenue 

  Kenya’s external debt payments in the financial year ending June 2024 reached Kes.756 billion, as the government sought to limit its domestic borrowing. This increased demand for foreign credit came as domestic borrowing squeezed private sector access to financing. A significant driver of the surge in external debt payments was the maturity of a $2 billion Eurobond (valued at Kes.260 billion at the current exchange rate). This debt matured in the first half of the 2023-24 fiscal year, straining the country’s fiscal position and raising concerns over a potential default. The National Treasury’s new report on public debt revealed that
The post Kenyans Pay Kes.1.6 Trillion in 2023-24 to Service Debt, Taking Up 68% of Revenue appeared first on Nairobi Wire. Read More