Friday, October 6, 2023 – Deputy President Rigathi Gachagua has said President William Ruto is expected to travel to Beijing, China to beg for a Sh150 billion loan.
In an interview with one of the local dailies on Thursday, Gachagua said during the meeting with Chinese government officials, Ruto will also renegotiate previous loans with China to offer Kenyans a good deal.
“We are going to borrow Sh150 billion from China to complete stalled projects. The president will soon be traveling to China to negotiate that loan and seek credit service for earlier loans,” Gachagua said.
Kenya’s debt crossed the Sh10 trillion mark following increased borrowing by President William Ruto’s administration and the depreciating shilling against the United States (US) dollar.
According to the latest national government budget implementation review report for the financial year 2022/2023 released by the Controller of Budget Margaret Nyakang’o, Kenya’s debt increased from Sh 8.63 trillion in June 2022 to Sh 10.25 trillion in June 2023.
Kenya’s debt stock surpassed the Sh 10.13 trillion mark projected by the National Treasury for June 2024, meaning taxpayers will have more burden to shoulder.
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