kenya Public Debt

Kenya’s Senate Raises Debt Ceiling to Kes 10 Trillion.

Kenya’s debt ceiling could soon hit Kes 10 trillion. This is after the Senate gave the country’s treasury the green light to borrow more funds by raising the debt ceiling to Kes. 10 trillion after both houses of parliament approved the variation of the public debt ceiling.

On Tuesday, 27 senators approved the motion that was passed by members of the national assembly before proceeding on sine die. This comes as senate sittings come to an end ahead of the general election.

Kenya Public Debt
Kenya’s Public Debt Chart as of July 2021. Data: Fortunemedia

The Senate has adjourned sine die bringing to end operations of the 12th parliament ahead of the August elections. During the last sitting of the Senate, lawmakers approved the increase of the public debt ceiling by 10 trillion.

Kenya’s Debt and Political Funding Bill.

In the 5-year term of the third senate 20 bills, 403 motions,103 petitions 501 statements have been considered and passed with senators calling for a clear separation of powers between the senate and the national assembly.

Meanwhile, efforts Kenya’s senate majority leader Samuel Poghisio to have the house pass the election campaign financing bill hit a snag after members expressed concerns over the timing of the bill. The bill which seeks to have politicians reveal the source of their campaign finances and audit accounts was met with backlash as members opposed the bill.

Despite the fact that the Senate has adjourned its sittings the term of parliament officially expires on the eve of the 9th of August 2022.

As of January 2021, the external debt from Kenya accumulated to more than Kes 3.8 trillion, an equivalent to 52 percent of the country’s total debt, and came at a time the country had just raised its debt ceiling to Kes 9 trillion.

Also Read: Gainers and Losers in Ukur Yatani’s Budget Speech.