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Kenya taps Sh207bn loans to pay salaries and debts
National Treasury and Economic Planning Cabinet Secretary, John Mbadi, says dollar loans were attracting interest rates of more than 6 percent, comprising prevailing Secured Overnight Financing Rate.
The Treasury borrowed Sh207.7 billion to pay salaries, debt repayments and other recurrent expenditure in the year ended June, in continued breach of the public finance management law.
The draft 2026 Budget Review and Outlook Paper (BROP) shows the President William Ruto administration borrowed Sh983.7 billion in the financial year 2025/26.
