Kenya was forced to tap Sh3.43 billion to cover the budget hole in the foreign debt service obligations created by the depreciation of the shilling against the US dollar in the first half of the financial year 2022/23, the Auditor-General has revealed.
The Auditor-General has now asked the Treasury to use hedging in cushioning the taxpayer from rising debt service obligations owing to the foreign exchange exposure component in the country’s stock of public debt.
