Kenya is one of the countries in Africa that have been in huge debt to countries like China and loaning institutions such as the World Bank. Despite the current state Kenya still borrows loans which has angered a lot of Kenyans who are not taking it anymore.
Recently the country acquired a 255 billion shillings loan from the IMF adding to other loans not yet settled. Many netizens have reacted online citing frustration as huge chunks of the money end up stolen leaving ordinary Kenyans poorer and with more debt to pay.
According to 2021 budget policy Kenya's public debt stands at 7.06 trillion in 2020.These numbers are scary especially considering that most Kenyans are jobless and with the lockdown its even harder.
China is among the biggest creditors to Kenya with the debt estimated to be $6.98 billion. The standard gauge railway was one the biggest investment made to Kenya by China with payment being done in installments.
The country's growing debt is worrying for many Kenyans who have not benefited directly or received information on how the loans are used. The government should give a report on how the loans are used instead o leaving Kenyans to speculate.
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Content created and supplied by: JobOtworiblue (via Opera News )
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