Written By Lisa Murimi
Kenya’s growing debt crisis is increasingly being traced back to the final year of former President Uhuru Kenyatta’s administration, during which borrowing surged to fund ambitious projects.Â
This borrowing spree has now revealed a troubling narrative of funds directed towards initiatives that have largely faltered.
Kimani Kuria, Chairman of the Finance and National Planning Committee, has brought attention to the scale of the debt incurred during Kenyatta’s last year in office.
Kenya’s total debt of Ksh10.39 trillion includes a significant portion accumulated under Kenyatta, intended for high-profile projects that are now seen as questionable investments.
In a recent interview, Kuria highlighted the urgency with which loans were secured between May and August 2022, amounting to Ksh 105 billion.
These funds, borrowed at a rate of Ksh 854 million per day, were used to launch projects like the Standard Gauge Railway (SGR), which has since been criticized for its limited utility.
The legacy of Kenyatta’s debt-fueled projects is now under scrutiny, with calls for a reevaluation of Kenya’s financial strategies and a possible review of the 2010 Constitution to better align the country’s priorities with its financial capabilities.
