Kenya Borrowed Sh60 Billion Every Month This Year, CBK Report Shows

Kenya has dug itself deeper into the debt pit by borrowing an additional Sh432 billion in just seven months of this year to address its cash crunch problem.

Data released by the Central Bank of Kenya (CBK) shows that public debt rose from Sh7.28 trillion in December to a record Sh7.71 trillion last month, exposing taxpayers to a higher tax burden.

The rise in the debt follows a 38-month loan agreement that Kenya signed in April with the International Monetary Fund (IMF) worth Sh257 billion ($2.4 billion) through the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) for budgetary support.

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