Kenya is rapidly becoming the next flashpoint in the Africa debt crisis amid a dramatic increase in borrowing that threatens to submerge the economy.
The Parliamentary Budget Office (PBO) warned on Friday that the country’s ballooning debt is forecast to increase by 15% next year to a record $69 billion or Sh7.5 trillion. If borrowing continues at the current pace, the PBO report said the debt could go as high as $84 billion the following year.
- Get a daily email packed with the latest China-Africa news and analysis.
- Read exclusive insights on the key trends shaping China-Africa relations.
- Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.