new generation banknotes following
promulgation of a new Constitution
which ushered hope for a Newly
Reborn and Prosperous Kenya.
Kenya’s public debt rose by 1.3 trillion shillings (11.8 billion U.S. dollars) in 2020 as the east African nation stepped up borrowing in response to the COVID-19 pandemic and implemented various infrastructure projects.
In its weekly update of the financial markets, the Central Bank on Friday noted that the debt rose to 66.1 billion dollars, up from 54.3 billion dollars in January 2020.
Of the public debt, 34.4 billion dollars is external and the rest is domestic, according to the apex bank.
Most of the debt accumulated during the period was external and came from both multilateral and bilateral lenders like the World Bank to shore up Kenya’s efforts to contain the pandemic.
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The East African nation also borrowed money during the period to implement various infrastructure projects that include roads and railways.
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