Public debt stood at Sh5.04 trillion in June 2018, up from Sh4.41 trillion in June 2017, Sh3.62 trillion in June 2016, Sh2.83 trillion in June 2015, Sh2.37 trillion in June 2014 and Sh1.89 trillion in June 2013, Treasury report indicates.
President Kenyatta will pile up nearly Sh2.13 trillion more in public debt by the time his final term ends in August 2022.
This signals that pressure on taxpayers’ funds will continue to grow.
A projection by treasury in draft budget review and outlook paper show that total debt will jump to nearly Sh7.17 trillion in the year ending June 2022, from nearly Sh5.04 trillion in June 2018.
President Uhuru will have achieved at least Sh5.27 trillion debt to implement his manifesto in 10 years in power after he inherited slightly more than Sh1.89 trillion in June 2013.
Kenya’s access to cheaper international loans has reduced after the economy upgraded to lower middle-income economy in September 2014.
This has seen the country resort to expensive short-term loans from international lenders.
The Treasury has hinted plans to spend Sh870.5 billion on debt repayments this year ending June next year from a Sh435.7 billion for the year ended June 2018 against expected taxes of Sh1.76 trillion.