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Home Africa Kenya

Trends of Public Debt in Kenya

Nyongesa Sande by Nyongesa Sande
3 months ago
in Kenya
Reading Time: 16 mins read
A A
Treasury Cabinet John Mbadi

Treasury Cabinet John Mbadi

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Kenya’s public debt has experienced significant growth over the past decade, driven by substantial borrowing to finance infrastructure projects and bridge fiscal deficits. As of June 2024, the total public debt stood at approximately Kshs 10.6 trillion, accounting for 70.0% of the Gross Domestic Product (GDP).

cytonn.com

Historical Debt Trends:

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  • June 2023: Public debt was recorded at Kshs 10.3 trillion, representing 70.8% of GDP. cytonn.com
  • June 2024: The debt increased to Kshs 10.6 trillion, though the debt-to-GDP ratio slightly decreased to 70.0%. cytonn.com

Debt Composition:

Kenya’s public debt comprises both domestic and external borrowings:

  • Domestic Debt: As of December 2021, domestic debt stood at Kshs 4.03 trillion. centralbank.go.ke
  • External Debt: In the same period, external debt was Kshs 4.17 trillion. centralbank.go.ke

Recent Developments:

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In response to escalating debt-servicing costs and fiscal challenges, Kenya has initiated discussions with the International Monetary Fund (IMF) for a new lending program, aiming to maintain economic stability.

reuters.com

Additionally, the government is exploring various financing options, including a $1.5 billion budget support loan from the United Arab Emirates at an 8.2% interest rate, to address the widening fiscal deficit.

reuters.com

Credit Ratings:

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In January 2025, Moody’s revised Kenya’s outlook from “negative” to “positive,” citing potential easing of liquidity risks and improving debt affordability. However, the long-term issuer ratings remain at “Caa1” due to persistent credit risks.

reuters.com

Conclusion:

While Kenya’s public debt has risen substantially, recent efforts indicate a focus on fiscal consolidation and securing sustainable financing to manage the debt burden effectively.

Kenya’s Debt Management and Economic Outlook

reuters.com

YearMonthDomestic DebtExternal DebtTotal
2024June5,410,300.0005,150,839.74910,561,139.75
2024May5,319,887.4585,118,306.59510,438,194.05
2024April5,323,712.7795,198,811.98810,522,524.77
2024March5,235,188.415,163,423.3410,398,611.75
2024February5,200,211.0695,200,211.06910,854,105.08
2024January5,050,442.0036,189,967.46711,240,409.47
2023December5,050,108.5396,089,584.98311,139,693.52
2023November4,990,750.7315,896,502.3210,887,253.05
2023October4,913,029.4444,913,029.44410,659,345.95
2023September4,914,606.1685,667,798.52810,582,404.70
2023August4,912,338.9285,614,091.02410,526,429.95
2023July4,873,527.3125,542,638.32110,416,165.63
2023June4,832,112.065,446,560.93510,278,672.99
2023May4,549,646.5315,137,162.5859,686,809.116
2023April4,542,350.5425,092,502.5839,634,853.125
2023March4,539,592.174,851,094.809,390,686.97
2023February4,551,561.274,709,715.169,261,276.43
2023January4,501,714.134,681,115.489,182,829.61
2022December4,472,838.524,673,144.139,145,982.65
2022November4,435,937.164,462,891.068,898,828.22
2022October4,386,094.344,359,569.498,745,663.83
2022September4,366,278.694,334,790.828,701,069.51
2022August4,335,273.444,327,930.658,663,204.08
2022July4,310,691.544,299,821.208,610,512.74
2022June4,288,332.964,290,775.578,579,108.53
2022May4,268,656.814,295,102.468,563,759.27
2022April4,226,843.404,243,534.448,470,377.84
2022March4,191,771.004,209,560.228,401,331.22
2022February4,181,420.484,157,763.288,339,183.76
2022January4,110,120.514,155,788.448,265,908.95
2021December4,032,368.184,174,371.538,206,739.71
2021November4,008,077.304,109,282.858,117,360.15
2021October3,959,523.304,083,124.548,042,647.84
2021September3,937,777.454,062,504.788,000,282.23
2021August3,864,875.784,054,862.857,919,738.63
2021July3,792,146.894,020,629.307,812,776.19
2021June3,697,093.184,015,299.387,712,392.57
2021May3,686,891.723,799,018.817,485,910.53
2021April3,632,914.803,778,131.447,411,046.24
2021March3,569,840.573,769,866.747,339,707.31
2021February3,531,182.933,814,288.777,345,471.70
2021January3,532,561.523,819,699.667,352,261.18
2020December3,488,541.183,793,285.247,281,826.42
2020November3,482,653.563,771,808.477,254,462.03
2020October3,457,644.633,705,644.247,163,288.87
2020September3,457,106.503,663,491.227,120,597.72
2020August3,402,500.733,666,321.297,068,822.02
2020July3,273,551.443,638,506.496,912,057.93
2020June3,178,421.283,515,810.786,694,232.06
2020May3,153,143.943,496,428.846,649,572.77
2020April3,119,415.803,317,330.986,436,746.77
2020March3,070,189.383,212,634.236,282,823.61
2020February3,040,964.553,117,038.576,158,003.12
2020January3,003,700.303,112,897.956,116,598.25
2019December2,942,103.543,106,822.966,048,926.50
2019November2,917,362.293,114,959.696,032,321.98
2019October2,897,141.363,127,601.266,024,742.62
2019September2,851,639.213,111,767.285,963,406.49
2019August2,875,502.653,133,543.346,009,045.99
2019July2,843,666.893,160,057.466,003,724.35
2019June2,785,483.133,023,139.475,808,622.60
2019May2,772,613.712,834,844.045,607,457.75
2019April2,740,905.642,842,481.025,583,386.66
2019March2,702,933.272,721,597.465,424,530.74
2019February2,690,972.032,707,287.175,398,259.20
2019January2,604,189.402,729,478.575,333,667.97
2018December2,548,768.782,723,734.275,272,503.04
2018November2,563,418.632,709,008.395,272,427.03
2018October2,535,751.892,654,689.445,190,441.33
2018September2,540,833.742,605,334.585,146,168.32
2018August2,493,706.782,611,403.105,105,109.88
2018July2,513,046.502,601,071.155,114,117.65
2018June2,478,835.092,560,199.435,039,034.52
2018May2,447,575.212,573,126.245,020,701.44
2018April2,415,234.642,562,178.534,977,413.17
2018March2,371,650.532,512,430.944,884,081.46
2018February2,338,213.712,563,074.054,901,287.76
2018January2,247,295.022,377,522.474,624,817.49
2017December2,220,345.352,349,284.444,569,629.79
2017November2,228,429.022,357,226.484,585,655.50
2017October2,188,509.462,353,124.934,541,634.39
2017September2,172,835.152,310,198.994,483,034.13
2017August2,135,933.942,309,775.394,445,709.33
2017July2,123,788.592,305,538.334,429,326.92
2017June2,111,710.442,294,735.884,406,446.32
2017May2,045,471.632,187,224.334,232,695.96
2017April1,979,865.652,167,254.834,147,120.48
2017March1,945,253.272,159,068.944,104,322.21
2017February1,901,820.241,993,173.803,894,994.04
2017January1,894,094.991,992,795.153,886,890.14
2016December1,930,855.011,896,443.053,827,298.06
2016November1,918,656.991,834,914.333,753,571.32
2016October1,872,102.821,844,474.963,716,577.78
2016September1,854,554.561,849,019.873,703,574.43
2016August1,815,930.731,803,260.483,619,191.22
2016July1,808,641.641,797,696.383,606,338.02
2016June1,815,470.501,803,256.303,618,726.80
2016May1,750,326.781,680,631.833,430,958.61
2016April1,689,039.251,685,269.163,374,308.41
2016March1,646,527.481,665,578.043,312,105.52
2016February1,605,227.981,646,555.213,251,783.19
2016January1,522,769.881,654,744.493,177,514.38
2015December1,540,579.131,615,184.203,155,763.33
2015November1,516,373.471,562,515.563,078,889.04
2015October1,454,245.391,490,713.762,944,959.15
2015September1,388,262.311,550,232.742,938,495.05
2015August1,403,100.201,530,678.612,933,778.82
2015July1,418,568.231,473,143.702,891,711.93
2015June1,420,444.381,408,613.592,829,057.97
2015May1,407,811.191,381,156.982,788,968.18
2015April1,415,431.511,326,835.192,742,266.71
2015March1,397,125.721,278,107.872,675,233.59
2015February1,353,302.651,296,748.462,650,051.11
2015January1,334,642.801,163,350.792,497,993.59
2014December1,307,748.711,170,696.282,478,444.99
2014November1,303,363.311,088,951.542,392,314.85
2014October1,254,913.421,088,832.152,343,745.57
2014September1,260,874.561,087,827.672,348,702.23
2014August1,281,093.661,090,984.322,372,077.98
2014July1,296,444.731,089,655.772,386,100.50
2014June1,284,327.251,085,928.572,370,255.82
2014May1,232,041.55957,893.232,189,934.78
2014April1,216,759.23950,981.152,167,740.39
2014March1,231,183.10940,402.992,171,586.09
2014February1,229,416.28937,328.352,166,744.63
2014January1,200,901.86920,500.712,121,402.56
2013December1,189,182.59922,369.152,111,551.74
2013November1,170,053.22912,234.312,082,287.54
2013October1,174,782.27887,991.232,062,773.50
2013September1,168,115.36889,313.512,057,428.87
2013August1,116,676.22887,560.002,004,236.22
2013July1,078,604.00875,230.001,953,834.00
2013June1,050,628.57843,562.271,894,190.84
2013May1,074,797.69832,238.141,907,035.82
2013April1,065,609.39816,796.561,882,405.95
2013March981,910.93812,700.171,794,611.10
2013February943,750.18826,267.681,770,017.86
2013January978,335.91833,609.461,811,945.37
2012December971,265.44821,972.821,793,238.26
2012November958,438.68824,583.121,783,021.80
2012October929,321.62812,307.841,741,629.46
2012September922,196.19802,457.331,724,653.52
2012August901,934.27771,760.001,673,694.27
2012July872,160.52767,390.001,639,550.52
2012June858,829.55774,550.001,633,379.55
2012May889,056.81721,040.001,610,096.81
2012April896,036.72700,900.001,596,936.72
2012March887,871.40676,330.001,564,201.40
2012February877,292.72663,050.001,540,342.72
2012January809,278.11686,718.481,495,996.59
2011December799,880.06685,607.921,485,487.98
2011November803,894.34728,645.251,532,539.59
2011October794,565.56810,011.601,604,577.16
2011September764,274.59799,834.031,564,108.62
2011August776,852.60768,510.851,545,363.45
2011July781,713.03744,486.601,526,199.63
2011June764,222.80722,888.311,487,111.11
2011May746,574.73675,887.121,422,461.85
2011April735,460.06652,675.731,388,135.79
2011March754,048.10642,847.921,396,896.02
2011February746,670.28630,400.031,377,070.31
2011January730,197.77615,604.981,345,802.75
2010December720,207.97599,930.461,320,138.43
2010November711,448.98599,251.461,310,700.44
2010October696,132.65598,080.461,294,213.11
2010September704,702.77594,223.001,298,925.77
2010August698,047.35566,166.881,264,214.23
2010July667,803.42562,941.951,230,745.37
2010June660,267.68565,452.001,225,719.68
2010May650,261.96541,976.711,192,238.67
2010April653,614.42537,424.841,191,039.26
2010March639,116.32538,157.991,177,274.31
2010February607,512.61525,369.181,132,881.79
2010January580,721.47525,552.751,106,274.22
2009December588,970.31588,970.311,177,940.63
2009November562,926.79521,232.481,084,159.26
2009October567,125.13523,899.661,091,024.79
2009September550,613.80524,982.601,075,596.40
2009August547,182.36530,075.391,077,257.75
2009July530,400.97532,144.511,062,545.48
2009June518,346.15535,143.701,053,489.84
2009May489,234.39517,929.101,007,163.49
2009April497,450.16511,981.591,009,431.75
2009March474,749.81513,623.00988,372.81
2009February478,896.43514,635.34993,531.77
2009January454,266.44512,475.65966,742.10
2008December456,227.91516,671.33972,899.25
2008November451,392.10450,248.35901,640.45
2008October454,685.97434,487.59889,173.56
2008September449,333.84432,954.02882,287.86
2008August433,489.36433,670.73867,160.09
2008July428,148.13432,808.95860,957.07
2008June430,611.73439,967.00870,578.73
2008May442,684.75429,644.66872,329.41
2008April437,870.94425,992.78863,863.72
2008March444,736.37425,086.89869,823.26
2008February434,621.39425,976.18860,597.57
2008January432,183.90424,205.02856,388.92
2007December438,059.11406,923.00844,982.11
2007November426,062.44424,243.21850,305.66
2007October418,488.14419,738.84838,226.99
2007September426,821.36408,680.79835,502.14
2007August415,915.04409,066.12824,981.16
2007July410,229.01410,512.75820,741.77
2007June404,690.11396,564.00801,254.11
2007May390,795.61419,743.45810,539.06
2007April390,491.89420,265.23810,757.12
2007March386,287.74409,055.74795,343.48
2007February385,824.93416,510.41802,335.34
2007January378,127.61417,467.73795,595.34
2006December385,121.22407,742.55792,863.77
2006November381,034.85424,933.07805,967.92
2006October375,524.02424,414.09799,938.11
2006September371,591.47422,647.93794,239.41
2006August367,963.31431,095.63799,058.94
2006July364,835.71430,667.84795,503.56
2006June357,838.95431,236.83789,075.78
2006May349,489.93406,493.69755,983.63
2006April348,220.36406,531.77754,752.13
2006March346,064.04407,003.71753,067.75
2006February338,613.23407,132.44745,745.67
2006January333,950.84407,544.63741,495.47
2005December335,001.89408,601.92743,603.81
2005November333,501.48417,897.89751,399.38
2005October332,725.65418,417.49751,143.14
2005September328,799.98418,860.33747,660.31
2005August325,380.53434,850.69760,231.23
2005July324,027.42435,399.90759,427.32
2005June315,572.50433,975.65749,548.15
2005May304,975.65423,476.45728,452.10
2005April307,160.62424,345.69731,506.31
2005March296,330.22424,857.08721,187.30
2005February292,227.33445,544.58737,771.91
2005January291,222.66446,226.13737,448.80
2004December295,374.44439,992.95735,367.39
2004November302,543.91454,664.42757,208.33
2004October301,541.30454,539.95756,081.25
2004September299,745.58454,438.56754,184.14
2004August301,678.34444,460.66746,138.99
2004July303,462.12444,611.00748,073.12
2004June306,234.66443,157.43749,392.09
2004May299,347.29408,547.54707,894.83
2004April301,177.37409,950.33711,127.70
2004March302,023.58412,036.08714,059.66
2004February300,907.92407,417.62708,325.54
2004January299,701.26409,158.26708,859.52
2003December301,190.58410,149.00711,339.58
2003November303,548.41406,592.25710,140.65
2003October301,918.96409,359.85711,278.82
2003September303,252.05411,067.00714,319.05
2003August295,494.51397,991.28693,485.79
2003July292,277.47398,532.85690,810.32
2003June289,376.97407,053.00696,429.97
2003May280,928.98361,731.20642,660.18
2003April276,083.44363,605.43639,688.88
2003March270,716.28364,904.26635,620.54
2003February264,193.21367,469.40631,662.61
2003January263,986.33369,051.09633,037.42
2002December259,828.23369,729.83629,558.06
2002November255,192.66371,334.71626,527.37
2002October251,196.67373,140.09624,336.76
2002September250,808.60375,034.19625,842.79
2002August247,168.98376,868.51624,037.49
2002July242,102.05376,712.94618,814.99
2002June235,991.00377,748.00613,739.00
2002May231,773.00378,594.34610,367.34
2002April233,149.00378,475.98611,624.98
2002March229,167.00380,169.06609,336.06
2002February227,581.00381,497.47609,078.47
2002January222,711.00382,302.84605,013.84
2001December221,984.00384,302.58606,286.58
2001November217,524.00386,971.92604,495.92
2001October225,952.00389,276.05615,228.05
2001September219,165.00392,052.74611,217.74
2001August214,767.00392,335.83607,102.83
2001July205,012.00393,491.36598,503.36
2001June211,812.60393,978.00605,790.60
2001May202,880.88408,100.64610,981.52
2001April210,581.44402,308.31612,889.75
2001March200,622.58403,373.54603,996.12
2001February199,537.27402,555.40602,092.67
2001January193,332.95403,645.68596,978.63
2000December192,665.30405,355.31598,020.61
2000November195,906.00400,714.45596,620.45
2000October195,564.00400,203.03595,767.03
2000September195,520.00399,798.72595,318.72
2000August196,584.00395,710.06592,294.06
2000July202,362.00394,667.37597,029.37
2000June206,127.00395,694.00601,821.00
2000March201,463.22396,800.00598,263.22
1999December190,300.00311,953.00502,253.00
1999September183,417.00320,137.00503,554.00

Source: Central Bank of Kenya

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Nyongesa Sande

Nyongesa Sande

Nyongesa Sande is a Kenyan entrepreneur, politician, blogger, YouTuber, Pan-Africanist, and co-founder of Bizmart Holdings LLC. He has a strong background in information technology, online marketing, and digital strategy. Sande is known for his expertise in software development, content creation, and e-commerce innovation. In addition to his work in media and business, he is also an active political activist and columnist with interests in governance, corporate ethics, human rights, and community development. His leadership at Bizmart Holdings focuses on leveraging technology to drive growth, empower communities, and expand Africa's presence in the global digital economy.

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