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Browsing: Kenya Debt
- The government of Kenya is deploying measures to protect local industries from the onslaught of cheap imports.
- Kenya’s $26.4 billion FY2023/24 budget is an increase from $23.6 billion plan for the fiscal year ending June 30.
- The country is, however, facing high inflation, ballooning debt, and a high rate of joblessness.
President William Ruto’s first $26.4 billion budget for the FY2023/24 starting July 1st seeks to boost job creation, power growth of industries, and reduce borrowing.
Kenya’s $26.4 billion FY2023/24 budget is an increase from the $23.6 billion plan for the fiscal year ending June 30. East Africa’s economic powerhouse, Kenya, continues to struggle with growing inflation, skyrocketing debt, and a high unemployment rate.
Job creation targets Kenya’s youth
The lack of enough jobs is disproportionately affecting the country’s young people. The economy is also struggling from the impact of external shocks. For instance, Kenya is hurting from the Russia-Ukraine …
Before the Covid-19 Pandemic struck, East African countries had a common agenda to invest in infrastructure development.
As the three main economies of Kenya, Tanzania and Uganda they sought to become competitive and attractive investment destinations, the issue of borrowing in foreign currencies created the debt burden they face today.
The mega investments in roads, railways, ports and aviation, have all been challenges, as low revenue collections and high recurrent expenditures continue to plague their respective governments.
Most of the countries have no choice but borrow to bridge budget deficits. According to the IMF, the major EAC nations, namely Kenya, Uganda, Tanzania, Burundi and Rwanda, together, had borrowed more than $100 billion in both external and domestic borrowing.
With the global economy in teeters post Covid-19 and the impact of the Ukraine-Russia conflict, economies worldwide are contracting, leaving East African nations in a perilous situation.
According to the IMF, about