Even as Kenya's National Treasury agonises over a workable formula to tackle its debt, parliament and analysts are accusing it of fiscal indiscipline and likening the setting of the recent debt ceiling to "squaring a circle," insisting it is an exercise in futility unless it is accompanied by budget reforms and transparency of external debt.
Last month, Treasury managed to push for an increase of the public debt ceiling to Ksh9 trillion ($87 billion) to give room for more borrowing to retire current expensive loans that have seen the public debt skyrocket to $58.1 billion by end June, from $15.5 billion same period in 2012.
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