The rising burden of debt servicing costs on Kenyan taxpayers is a reflection of increased borrowing during the previous administration. PHOTO | SHUTTERSTOCK
Aggressive interest rate increases by central banks in rich countries amid sustained weakening of the shilling have seen Kenya pay 7.5 percent more in foreign debt repayments, the Treasury has said.
The Treasury has received approval from lawmakers to raise expenditures on external debt in the current financial year ending June 30 to Ksh389.45 billion ($2.782 billion) from Ksh362.22 billion($2.587 billion), which had been projected in February, through the second supplementary budget last week.
