Kenya's public debt surges by 11.8 bln USD in 2020

Source: Xinhua| 2021-01-31 02:57:50|Editor: huaxia
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NAIROBI, Jan. 30 (Xinhua) -- 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.

The Central Bank in its weekly update of the financial markets 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.

The East African nation also borrowed money during the period to implement various infrastructure projects that include roads and railways. Enditem