Kenya has just applied for another world bank loan. What is the total debt of Kenya and How much do we owe the World Bank?
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. This is up from 42.8% in 2008. In other words, the country owes more than half the value of its economic output (GDP).
For the first time in more than 10 years, Kenya has reached out to the World Bank for an urgent loan in the form of budget support, signaling the gravity of the country’s rapidly deteriorating cash-flow situation.
In response to the loan borrowing streak by Kenya from China across the world to USA, Miguna Miguna responded saying this:
“Uhuru Kenyatta and his thieves at the Treasury claimed a few days ago that more than Shs. 1 TRILLION of public money that had been stolen and stashed abroad had been RETURNED by un-named looters to some undisclosed accounts. Why borrow when we just got more than Shs.1 trillion?”