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The Public Debt and Privatization Committee was on Tuesday, July 23, 2024 apprised on the stock of public and publicly guaranteed debt.
In a meeting with National Treasury Principal Secretary, Dr. Chris Kiptoo, the Committee chaired by Balambala MP, Hon. Abdi Shurie, heard that as at June 30, 2024, public and publicly guaranteed debt stood at Kshs.10, 560 billion which translates to 65.5 percent of Gross Domestic Product (GDP).
According to Dr. Kiptoo, this reflects a decline of Kshs.579 billion from Kshs.11, 140 billion or 69.1 percent of GDP as of end December 2023.
βPublic and publicly guaranteed debt comprise Kshs.5,150 billion which is 48.8 percent of total debt in external debt mostly owed to multilateral creditors on highly concessional terms while Kshs.5,410 billion which is 51.2 percent of total debt is domestic debt largely held in Treasury Bonds,β he said.
Members sought to know the reason for the changes under the borrowing framework and a risk and cost analysis under the revised 2024 Medium Term Debt Management Strategy (MTDS).
While answering the question, the PS told the Members that following the rationalization of the approved budget as directed by the President following the non-assent of the Finance Bill, 2024, the overall fiscal deficit increased from Kshs.597billion in the approved budget to Kshs.761billion in Supplementary Estimates I.
Further, Dr. Kiptoo explained that this implies that net domestic borrowing through Government securities will increase to Kshs.399.9 billion which is 2.2 percent of the GDP in Supplementary Estimates I, up from Kshs.258.5 billion, 1.4 percent of the GDP, in the approved budget.
βNet external borrowing will increase to Kshs.356.4 billion in Supplementary Estimates I, up from Kshs.333.8 billion in the approved budget,β Dr. Kiptoo said.
