Nairobi, Sept. 16 -- Kenya will hit its Sh9 trillion public debt ceiling within the next two years going by the projected revenue shortfall in the current and next fiscal years, coupled with the struggle by the government to control expenditure.
The National Treasury, in the draft 2020 Budget Review Outlook Paper, is projecting higher borrowing for both financial years 2020/2021 and 2021/2022, due to expected lower revenue, with the deficit seen at 8.4 percent and 7.3 percent in the years respectively.
This is likely to lead to public debt accumulating to touch the Sh9 trillion cap before the end of the 2022/23 fiscal year.
Parliament in October last year amended the law that previously restricted public debt at half of the gross domesti...