Country’s Loan Has Doubled Over The Last Four Years
Following the Sh210 billion May Eurobond issue, which is still Kenya’s most expensive debt from foreign commercial bank, it’ll hit Sh1.09 trillion by end of June.
The loan has grown double over the last four years.
Kenya National Bureau of Statistics (KNBS) balance of payment data obtained from the Treasury indicates that Kenya’s commercial loans mounted at Sh276 billion in June 2015.
The debt have since grown by 296 percent.
KNBS said in a report that at the end of June 2019 the stock of public external debt increased by Sh462.9 billion to Sh3.023 trillion
Stock of debt from commercial banks that increased by 20.9 percent to Sh1.096 trillion.
Seven percent of the external debt was commercial in 2013.
Another 27 percent was bilateral and 64 percent borrowed from multilateral sources.
As of June last year, commercial debt had gone up to 34 percent, while bilateral stood at 31 percent and multilateral 34 percent.
Check out our GBS TV blog post for more news.