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Browsing: William Ruto debt reforms
- Kenya is among countries that are heavily indebted with the loan stock at staggering 67.3 per cent of GDP.
- Total debt stood at $67.7 billion (Ksh9.6 trillion) as of April, Central Bank of Kenya data shows.
- This comprised $35.9 billion external debt and $24.6 billion borrowed from the domestic market.
President William Ruto is calling for “urgent” redesigning of global financial institutions to ensure fairness in financing of economies, as he continues to lash out at the West over debt traps in poor states.
In what seems to be a swing at the International Monetary Fund and the World Bank, Dr Ruto is pointing to a post-colonial Africa where development has stalled due to limited resources to liberate economies.
Lenders placing debt traps in poor States
This is from what Dr Ruto terms institutions that were extractive by design; only placing debt traps in poor states. Over the years, Kenya’s …
