Kenyan debt mountain climbs
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.