KENYA’S ECONOMY TO GROW DEBT NOTWITHSTANDING
Experts have indicated that Kenya’s economy will continue growing despite the high debt burden. The experts have proposed the following actions for a better economic future:
- Control the existing debt levels
- review the law on interest rate cap
- improve ease of doing business among many other actions
According to Kenya Revenue Authority (KRA) taxes collected increased from Ksh. 670 billion in 2010/2011 to Ksh. 1.4 trillion in FY 2016/17. At the same time public debt has increased from 40.7% in 2011 to 54.4% currently.
According to Cytonns Investment Public Limited Company (PLc), huge levels of public debt was as a result of construction of mega development projects such as Standard Gauge Railway (SGR).