Kenyan debt moun­tain climbs

China Daily (Hong Kong) - - BUSINESS -

Kenya’s do­mes­tic debt rose to $21 bil­lion fol­low­ing in­creased sales and up­take of Trea­sury bills and bonds, after the gov­ern­ment moved to off­set a bud­get deficit. Cen­tral Bank of Kenya data in­di­cated on Tues­day that debt hit the new level at the end of June, up from $20 bil­lion at the end of May, a rise of nearly about $1 bil­lion in nearly a month. About $20 bil­lion of the debt is held in Trea­sury bonds and bills. Trea­sury bonds ac­counted for the largest chunk at 64 per­cent, with Trea­sury bills at 35 per­cent. Fol­low­ing the surge in bor­row­ing, the share of do­mes­tic debt to to­tal pub­lic debt, which stands at $40 bil­lion, is 51 per­cent.

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