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. (Read: Kenya’s External-Debt Puts Economy at Risk) In its weekly update of the financial markets, the Central Bank on Friday noted that […] According to Kenya’s Statistical Institute, GDP shrank 1.1% year-on-year in the third quarter of 2020, moderating from Q2’s 5.5% contraction, which had been the first in at least a decade (previously reported: -5.7% … Kenya added Ksh.1.2 trillion to its debt portfolio in 2020 as the country’s stock of debt hit Ksh.7.3 trillion in December from Ksh.6 trillion a year earlier. 2020 Medium Term Debt Management Strategy February 2020. 2020 Medium Term Debt Management Strategy February 2020. i For comments and clarifications, please contact: Public Relations Office The National Treasury and Planning Treasury Building P. O. Kenya's public debt continued surging in 2019, crossing the Sh6 trillion mark in July, according to the Central Bank of Kenya. Kenya’s economy was performing well prior to the global shock with accelerating growth, contained inflation and current account deficits, and a resumption of fiscal adjustment to tackle rising public debt vulnerabilities. External debt was 51.4 % of total public debt while 48.6% was domestic debt as at close of September 2020. Columns & Opinion … Write CSS OR LESS and hit save. 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. So what does it mean when the government keeps getting loans? Of the public debt, 34.4 billion dollars is external and the rest is domestic, according to the apex bank. The UN Human Rights Office (OHCHR) on Tuesday said it was concerned about a potential outbreak of fresh violence in the Central African Republic... Côte d'Ivoire President Alassane Ouattara strengthened his grip on a third term in office after the ruling RHDP party retained its parliamentary majority in... by Hanane Thamik External Debt in Kenya increased to 3793.29 KES Billion in December from 3771.81 KES Billion in November of 2020. Public debt: 54.2% of GDP (2017 est.) As of June this year, our public debt was 6.6 trillion shillings. Columns & Opinion. Kenya’s public debt rose by 1.3 trillion shillings ($11.8 billion) in 2020. ... All suggestions for corrections of any errors about Kenya Economy 2020 should be addressed to the CIA or the source cited on each page. Statistics on external debt. 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Kenya’s public debt has gradually risen to Ksh 6.0 trillion (US$ 60 billion) as of end December 2019, split broadly equally between external and domestic debt, and the structure continues to evolve with economic As of the end of June 2020, Kenya’s total debt stock stood at 6.7 trillion Kenyan shillings ($62 billion), equivalent to about 66 per cent of our total national wealth, as estimated by the gross domestic product (GDP). Is East Africa Gradually Losing Its Shine? Can Kenya Continue to Rely on Chinese-Financed Infrastructure? 53.2% of GDP (2016 est.) Kenya’s public debt rose by 1.3 trillion shillings ($11.8 billion) in 2020. Kenya Government Debt to GDP was 62.4 % in 2021. 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. Kenya’s public debt rose by 1.3 trillion shillings (11.8 billion U.S. dollars) in 2020 Box 30007-00100 NAIROBI, KENYA Tel: +254-20-2252-299 Email: ps@treasury.go.ke The document is also available on the website at: … Apart from the COVID-19 (coronavirus) pandemic, the locust attack which started early 2020, has affected many parts of Kenya especially the North East. Kenya's Public Debt Stock is forecasted to reach KSh 7.8 trillion at the end of the 2020/21 fiscal year and will account for approximately 69% of Gross This site uses Akismet to reduce spam. The East African nation also borrowed money during the period to implement various infrastructure projects that include roads and railways. Each Kenyan citizen, including those born now, owes creditors at least 139,000 shillings due to public debt. A 54.5%, increase in Free on Board (FOB) price of Murban crude oil lifted in June 2020 to USD 36.3 per barrel, from USD 23.5 per barrel in April 2020, and, The Kenya shilling appreciated by 0.2% against the dollar to close at Kshs 106.5 in June 2020, from Kshs 106.7 recorded in May 2020, Learn how your comment data is processed. Nigeria's Economy Starting to Turn the Corner, Chinese Imports to Kenya Declined in 2020, Improving the Electrification Rate in Africa, South Africa $68B in Investment & Development, Key Sectors That Drive Kenya's Economic Recovery in 2021, Evaluating Africa's Economic Recovery & Outlook for 2021. News How NBA walkout sparked historic US sport boycott… August 27, 2020. Kenyatta said the country’s two-tier governments had paid 70% of outstanding bills to suppliers and contractors in the last two months, and that infrastructure bills would be paid in early 2020, in time for an infrastructure bond of Shs 150 billion. 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. Copyright © 2020 CGTN. But the deficit is projected to narrow to 7.3% – equivalent to 823.2 billion shillings – in the 2020/21 fiscal year and to 4.2% of GDP by 2023/24, Yatani said. Your email address will not be published. We provide you with the latest news and videos straight from the entertainment industry. The larger deficit will have a cascading effect on overall debt levels, thus adding to its vulnerabilities as its debt net of liquid assets will rise to ~66.5% of GDP in 2021-2024 from 52.5% in 2019. Of the public debt, 34.4 billion dollars is external and the rest is domestic, according to the apex bank. August 27, 2020. Technology, Africa & Middle East Beijing ICP prepared NO.16065310-3. Your email address will not be published. Despite the interruption due to the health crisis of COVID-19, the economic relations between Morocco and China are still very intensive. External Debt Total; Year Month Domestic Debt External Debt Total; 2020: November: … 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. News Uhuru orders swift Kemsa probe as Ngiritas lose… August 27, 2020. The National Treasury has prepared a revised Sh2.92 trillion 2020-21 supplementary budget for approval by the National Assembly after raising budget estimates for the year from Sh2.79 trillion. 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. 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External Debt in Kenya averaged 1076.43 KES Billion from 2000 until 2020, reaching an all time high of 3771.81 KES Billion in November of 2020 and a record low of 361.73 KES Billion in May of 2003. Required fields are marked *, Notify me of followup comments via e-mail. Business. Policy & Insight, Africa & Middle East Kenya’s current public debt stands at approximately 4.884 trillion Kenyan shillings (USD$49 billion) or 56.4% of the country’s gross domestic product.. News Manchester United star tests positive for coronavirus. … CTRL + SPACE for auto-complete. As part of the cooperation dynamic between Morocco and China, a Sino-Moroccan virtual tourism forum was organized by the Chinese Ministry of... by Hanane Thamik Botswana on Tuesday received a batch of 30,000 COVID-19 vaccines from India at the Sir Seretse Khama International Airport in the capital, Gaborone. The Kenyan Parliament then raised the Kenyan debt ceiling to Sh9 trillion where the treasury said that it was consistent with estimates in the 2019 Budget Outlook paper which project that the public debt will stand at Sh8.7 trillion come June 2024. The plan, he said, is to increase the circulation of money in the struggling economy. Kenya's Debt Jumped by $11.8 Billion in 2020, Kenya-UK Trade Deal Faces Numerous Hurdles, IMF Elevates Kenya's 2021 Growth Forecast to 7.6 Pct, Africa Must Focus on a Structural Recovery Post-COVID-19, Tanzania Reported as Africa's Fastest Growing Economy in 2020, China & Ethiopia to Boost Cooperation in Tech Sector, Africa Must Tackle COVID-19 if Economy is to Recover, Officials Predict Botswana Economy to Grow 8.8 Pct, How Afreximbank is Addressing COVID-19 & AfCFTA, Africa Should Prepare for the Worst While Hoping for the Best. 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. Is Kenya on the verge of a debt distress? This is up from 42.8% in 2008. Kenya: GDP contraction softens notably in Q3. Kenya’s domestic debt also rose from KSh 2.8 Trillion in September 2019 to KSh 3.5 Trillion as at September 2020. Kenya’s bulging public debt load is getting heavier even with the establishment of a Public Debt Management Office, an independent unit within the Treasury. Kenya’s public debt surges by $11.8b in 2020, Kenya's public debt hits 58 bln USD on Eurobond borrowing, Kenya's public debt swells to over $45 billion, Kenya government takes over national carrier Kenya Airways in a debt swap deal, AU, UNDP launch “AU at 20” to review progress ahead of AU’s 20th anniversary, U.N. lists candidates to run Libya’s transitional government until this year’s vote, Botswana receives COVID-19 vaccines from India, UN rights body worried about C.A.R. Government Debt to GDP in Kenya is expected to reach 65.00 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the Kenya Government Debt to GDP is projected to trend around 69.00 percent in 2021 and 73.00 percent in 2022, according to our econometric models. Science & Health, Africa & Middle East security situation ahead of elections, Côte d’Ivoire’s ruling party retains parliamentary majority in election, Opinion: Moroccan-Chinese tourism cooperation leads to shared development opportunities. According to the institution's figures, Kenya's external public debt increased from KSh3,106 billion or $28.2 billion in 2019 to KSh3,793 billion ($34.4 billion) by the end of 2020. The East African nation also borrowed money during the period to implement various infrastructure projects that include roads and railways. The budget seeks to tackle the economic impact from the Covid-19 pandemic, locust invasions, and floods, and revive growth by supporting households and businesses.