Kenya seeks to raise debt ceiling to Ksh.10 trillion

The National Treasury Cabinet Secretary Ukur Yatani has proposed to raise Kenya’s debt ceiling from the current Ksh.9 trillion to Ksh.10 trillion.

In a gazette notice published on May 26, CS Yatani said that “pursuant to the provision of section 50 (2) of Public Finance Management Act, the public debt shall not exceed ten trillion shillings.”

The Ksh.9 trillion ceiling was approved by the Senate on November 7, 2019 following a request by Treasury.

This was after Members of Parliament approved Treasury’s request to raise the ceiling to the nine trillion mark on October 9, the same year.

Nine trillion mark was a 33.3 percent jump from six trillion mark that had earlier been set by Treasury.

Should the ten trillion threshold be approved, would deal Treasury a big win to its team’s public debt restructuring framework which is anchored on replacing expensive debt with cheaper and long-term concessional options as a measure to provide relief to the pent up debt distress.

Before the nine trillion ceiling, Treasury was operating on a Ksh.6 trillion debt ceiling mark.

Monitor Your Business Transaction

Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

Related Articles

Back to top button