William Ruto's Government Borrows Over KSh 500b in 3 Months …

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Details have emerged that President William Ruto's government has borrowed over KSh 500 billion since he was sworn in.
Ruto took over the oath of office with the promise to cut reliance on debt, arguing Kenya could collect enough revenue to sustain itself.
However, data from the Central Bank of Kenya (CBK) revealed the Kenya Kwanza administration had borrowed a total of KSh 506.9 billion from September to November 2022.
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According to Daily Nation, the amount was almost double the average quarterly borrowing by retired president Uhuru Kenyatta's government.
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The borrowing translated to approximately KSh 5.57 billion per day. The report noted that KSh 392.5 billion (77.4%) was borrowed from the domestic market while KSh 114.4 billion accounted for external debt.
The monthly economic review by CBK revealed the new government borrowed KSh 132.69 billion in September 2022, KSh 110.2 billion in October and KSh 219.75 billion in November.
The funds were used to finance budget deficits. As of November 2022, Kenya's debt had hit KSh 8.89 trillion.
During the 2022 campaigns, Ruto promised to cut down on excessive borrowing.
He blamed the high debt on the handshake between Uhuru and Azimio la Umoja One Kenya Coalition leader Raila Odinga.
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Speaking during the 2022 presidential debate held at the Catholic University of Eastern Africa (CUEA) on Tuesday, July 26, the United Democratic Alliance (UDA) leader vowed to slam the brakes on borrowing.
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Source: TUKO.co.ke
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