RUTO is not listening! See the billions he wants to borrow after partnering with RAILA despite Gen Z protests?

 

Monday, July 29, 2024 – President William Ruto has vowed to defy the Gen Z protests and borrow again just to sustain his government.

This comes even as the Gen Zs have warned the IMF and the World Bank against advancing any further loans to Kenya under President Ruto’s leadership.

While appearing before the National Assembly Committee on Public Debt and Privatization, Treasury Principal Secretary Chris Kiptoo revealed that the Kenya Kwanza government will borrow over Ksh700 billion from the local and international market to cater for the deficit in the 2024/2025 budget.

Ksh356.4 billion would be borrowed from the external market while Ksh399.9 billion would be borrowed in the domestic market through government securities (Treasury Bills and Bonds).

The PS noted that the country would be forced to borrow more in this financial year owing to the increase in the budget deficit.

According to the PS, the withdrawal of the Finance Bill 2024 and the revision of the budget estimates forced the budget deficit to increase.

Further, the PS addressed Kenya's current debt standing which stood at over Ksh10.5 trillion in June 2024.

The majority of the debt is owed to domestic lenders including banks.

Kiptoo noted that the overall outstanding debt of Ksh10.5 trillion was a decline from the figures recorded in December 2023.