Kenya’s appetite for debt has come to haunt it at its time of need after global rating agency Moody’s gave it a negative credit rating. This is the worst rating Kenya has had in the last five years. Mr Tony Watima, an economist, said this latest downgrade will hurt the country more given that even before Covid-19, Kenya’s fiscal policy was ‘already leaking’. Data from the Central Bank of Kenya (CBK) shows that as at March 20, Kenya’s domestic debt stood at Sh3.04 trillion. MULTILATERAL FINANCINGTreasury bills account for 31 per cent of domestic debt as of December 2019, up from 25 per cent at the end of 2014.

Source: Daily Nation May 11, 2020 08:15 UTC