A new report by the National Treasury has revealed President William Ruto’s government borrowed KSh 223.5 billion in five months. Kenya’s borrowing has increased under President William Ruto. This translated to an average of KSh 44.7 billion monthly and KSh 62.1 million hourly, placing a huge debt burden on Kenyan taxpayers. The exchequer’s report presented to Parliament noted that the Kenya Kwanza Alliance administration took 11 loans between September 1, 2023 and January 31, 2024. Of the total loans, Daily Nation reported that 10 were from multilateral lenders, while one was acquired from a commercial institution. According to Citizen Digital, the loans were secured to increase electricity access by funding Kenaa Power, increasing employment opportunities, and supporting the country’s North Eastern region in realising its economic potential. Which loans did William Ruto’s govt borrow? The first KSh 5.8 billion loan during the period was taken on October 23, 2023, from the OPEC Fund for International Development. On December 6, 2023, Ruto’s administration borrowed KSh 14.2 billion from the International Development Association (lDA) to increase employment among the youth. The country also secured KSh 28.5 billion to fund Kenya Power’s electricity connection nationwide. To enhance revenue mobilisation and strengthen accountability and transparency of public finance management at the national government level, the state borrowed KSh 36.9 billion. The government also obtained a KSh 30.6 billion Syndicated Term Loan Facility to finance the “development projects. Other funds were channelled to refinancing or repurchasing Eurobonds and payment of fees, costs and expenses in connection with the finance documents.
by Japhet Ruto