NAIROBI, Kenya, Mar 22 – Kenya’s debt has now hit Sh3.8 billion representing a debt to GDP ratio of 52.7 percent.
This is after treasury signed an $800 million syndicated loan from four commercial banks to fund development expenditure for this financial year.
The debt to GDP ratio is 12.7 percentage points above IMF’s recommended benchmark for emerging countries.
According to The World Economic Forum Kenya is ranked number 77 out of 138 countries in the world using the GDP/debt ratio score.
In Africa, Kenya lies 14th, ranking slightly lower than Zambia (52.9%), Zimbabwe (53%) and Tunisia (54.5%).
Japan is the most indebted country with a score of 248.1 percent, followed by Greece (178.4pc), Lebanon (139.1pc).
The United States, ranked at 128, has a debt to GDP ratio of 105.8 percent, but with the highest total debt of $17.9 trillion.
Hong Kong, Brunei and Saudi Arabia are the least indebted countries at 0.1, 3.1 and 5.8 percent respectively.
Algeria is fourth globally at 8.7 percent, while Nigeria is seventh at 11.5 percent of the GDP.