An African country records a historical level of public debt

An African nation data a historic degree of public debt

World By Aug 17, 2023 No Comments

Kenya’s public debt has reached an unprecedented degree of 10.1 trillion shillings (64.1 billion euros), in line with authorities figures launched on Tuesday, exceeding the ceiling set by regulation and threatening the nation’s already fragile financial state of affairs.

This debt represents 62.43% of GDP, and exceeds the debt ceiling of 10 trillion shillings.

In June, the Nationwide Meeting voted on an modification, nonetheless to be submitted to the Senate, that units the cap not at a set quantity however at a share of GDP.

This report debt exacerbates the gloomy financial outlook for Kenya, the financial engine of East Africa with a inhabitants of 53 million, after its progress slowed to 4.8% in 2022 (in comparison with 7.6% within the earlier yr) within the face of persistent inflation that fell to 7.3% on an annual foundation in July. /July.

The price of repaying the debt is growing with the continued depreciation of the shilling, which reached 143.44 shillings relative to the greenback in August.

On July 20, Fitch Scores downgraded Kenya’s means to repay its debt to worldwide lenders from “secure” to “destructive” and cited dangers posed by “introduced tax hikes within the context of social unrest”.

Source link


I am highly accomplished computer science expert, renowned for my expertise in professional news writing and content creation. I am also valuable member of XCN, where I produces insightful and engaging news articles on a wide range of global topics.

No Comments

Leave a comment

Your email address will not be published. Required fields are marked *

How Long Taylor Swift and Joe Alwyn Dating Billie Eilish Just Made Her Surprise Acting Debut Sexy Butt Cleavage Are In Fashion Shraddha Kapoor eating Gollgape viral Annie Wersching Cause Of Death