Nairobi, March 24 -- The Kenya Kwanza administration contracted eight new loans worth Sh43.4 billion in the four months between September 1 to December 31.

Treasury says the new loans signed between the Kenyan government, and commercial bilateral and multilateral creditors will be repaid between 2030 to 2047.

"The total value of the eight loans signed is equivalent to Sh43,381, 450,293. Two of the loans had been disbursed by the time of submitting this report," Njuguna Ndungu, the Treasury Cabinet Secretary said in a brief to MPs.

President William Ruto's government is counting on concessional loans to retire the short-term expensive loans that have worsened Kenya's cost of servicing debt.

The Public Finance Management Act requires th...