Updated Fri, May 13th 2016 at 00:23 GMT +3Kenya’s level of public debt is likely to rise even higher as the country prepares for the 2017 elections, economists have warned. Out of this, external debt amounted to Sh1.4 trillion, of which Sh270 billion was attributed to the sovereign bond the country floated in 2014. “This means that Kenya will maintain a large budget deficit, pushing Government debt further above 50 per cent of GDP,” said Mr Bohlund. On Tuesday, the International Monetary Fund (IMF) warned that Kenya needs to continue with reforms in public financial management and devolution to sustain debt repayments. “To this end, we support the Government’s effort to strengthen revenue mobilisation, review its expenditure priorities, and increase the quality of expenditures.”

Source: Standard Digital May 12, 2016 22:46 UTC