President William Ruto’s government has borrowed more than Sh137 billion in three months, with an average monthly borrowing of Sh45.8 billion, in a period in which the new government has relied more on the domestic market to finance revenue shortfalls.
According to a Central Bank of Kenya (CBK) report, the government borrowed a total of Sh137.48 billion in September, October, and November, the first three months of Ruto’s presidency.
Kenya Kwanza’s new loans equate to an average daily borrowing of Sh1.51 billion over 91 days, with November recording the highest borrowing rate.
Between the beginning of the financial year 2022/23 in July 2022 and the end of August 2022, the government borrowed a total of Sh82.27 billion, which increased to Sh219.75 billion by the end of November.
