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May. 29, 2017, 12:45 am
By CONSTANT MUNDA @mundaconstant
Commercial loans taken by the government more than doubled in 10 months of financial year 2016-17 compared to a year earlier, official Exchequer data shows.
National Treasury CS Henry Rotich says in the Statement of Actual Revenue and Net Exchequer Issues that loans between July 2016 and April 2017 jumped to Sh167.14 billion from Sh74.33 billion in the same period previously. This is a rise of Sh92.81 billion, or 124.86 per cent, according to the data published monthly in the Kenya Gazette on Friday.
The upgrade of Kenya's economy to lower middle-income status following a rebase in September 2014 largely locked the country out of concessional loans, largely from World Bank Group's International Development Association.
“Following Kenya’s elevation to lower middle income economy status in September 2014,recourse to borrowing on commercial and semi-concessional terms has increased while that on concessional terms has declined,” the Central Bank of Kenya said in the quarterly Economic Review for October-December released on April 18.
State’s costly loans double in 10 months
By CONSTANT MUNDA @mundaconstant
Commercial loans taken by the government more than doubled in 10 months of financial year 2016-17 compared to a year earlier, official Exchequer data shows.
National Treasury CS Henry Rotich says in the Statement of Actual Revenue and Net Exchequer Issues that loans between July 2016 and April 2017 jumped to Sh167.14 billion from Sh74.33 billion in the same period previously. This is a rise of Sh92.81 billion, or 124.86 per cent, according to the data published monthly in the Kenya Gazette on Friday.
The upgrade of Kenya's economy to lower middle-income status following a rebase in September 2014 largely locked the country out of concessional loans, largely from World Bank Group's International Development Association.
“Following Kenya’s elevation to lower middle income economy status in September 2014,recourse to borrowing on commercial and semi-concessional terms has increased while that on concessional terms has declined,” the Central Bank of Kenya said in the quarterly Economic Review for October-December released on April 18.
State’s costly loans double in 10 months
