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Opinion: Alarming Kenyan Public Debt Almost Unsustainable

International Monetary Fund stakeholders completed disbursement of another U.S $408 million. to the Central Bank of Kenya. This amounts to the U.S $722 million loans advanced by IMF to Kenya.

The habit of Government borrowing funds without accountability puts the country into a crisis. The public debt had already worsened during the Coronavirus pandemic. Despite over 200,000 Kenyans signing against loaning, more debt is still coming. 

Kenya is expected to repay loans from the Chinese Government. The loan was used in the construction of the Standard Gauge Railway running from Mombasa to Naivasha. Instead, the Government keeps on postponing dates. This would increase the growth of public debt rather than solving it.

The alarming borrowings by the country is putting the Government budget in deficit. The need to repay other loans forces the Government to borrow more funds. In return, there is no improvement in service delivery to a common citizen. Kenya has leaders who have a huge appetite for borrowing loans. Frequent borrowing puts the economy in a menace.

Content created and supplied by: bryanmusihiru2018 (via Opera News )

Central Bank of Kenya Coronavirus International Monetary Fund Kenya Standard Gauge


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