Treasury reveals country’s entire debt status and repayment plan
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National Treasury discloses Kenya's debt status and repayment plan under Ruto underministration in his first Ksh3.6 trillion budget
National Treasury discloses Kenya’s debt status and repayment plan under Ruto underministration in his first Ksh3.6 trillion budget.
Treasury Principal Secretary, Chris Kiptoo, announced on Friday, June 9, that the total amount of the nation’s debt was Ksh9.6 trillion.
While appearing before the Public Debt and Privatization Committee, Kiptoo divulged that the Ksh9.6 trillion mark was based on data gathered as of March 30, 2023.
Out of the Ksh9.6 trillion, Ksh5 trillion was owed to external creditors, while Ksh4.5 trillion was owed to domestic lenders such local banks.
“According to the PS, the gross public debt as of March 30, 2023, increased by Ksh488.1 billion to Ksh9.6 trillion, which is 66 per cent of GDP in nominal terms; compared to Kshs9.1 trillion at 67 per cent of GDP as at the end of December 2022,” read part of the report by the Committee chaired by Balambala MP Abdi Shurie.
Kiptoo indicated that Ksh607.1 billion was allocated to repay debt in President William Ruto’s first budget.
National Assembly Budget Committee chairperson, Ndindi Nyoro, who also serves as Kiharu MP, estimated Kenya Kwanza’s first budget at Ksh3.6 trillion.
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“As per the 2023/24 Budget Estimates’ fiscal framework, the external debt disbursement is estimated at Ksh607.1 billion, out of which Ksh475.6 billion will be used for external debt repayment, leaving net foreign financing of Ksh131.5 billion.
“In addition, the net domestic financing will be Ksh532 billion. This financing is close to a 50:50 per cent Financing Strategy of the FY 2023/24 Medium-Term Debt Management Strategy (MTDS),” read the report in part.
According to Treasury Monthly Debt Bulletin, Kenya owes China Ksh800 billion, with Japan in second with Ksh104 billion.
Kenya owes France Ksh101 billion, while the country’s debt to Italy stood at Ksh45.6 billion.
Germany is owed Ksh43.5 billion.
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