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Vol 63 No 20

Published 6th October 2022


Kenyatta era debts haunt Ruto's growth plan

Pressure grows on state finances after details emerge of a $45 million spending spree by the last administration ahead of the elections

Facing growing financial pressures, President William Ruto appears to be rethinking his earlier rejection of any restructuring of Kenya's foreign debt. Public debt stands at 8.56 trillion shillings (US$71 billion), or about 68% of gross domestic product; that's up from KSh1.8trn a decade ago. It is likely to rise again after a flurry of unbudgeted spending in the final days of Uhuru Kenyatta's presidency.

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