Aggressive interest rate increases by central banks in rich countries amidst sustained weakening of the shilling have cost Kenya an additional Sh27.23 billion in foreign debt repayments, the Treasury has said, eating into the budget for development projects.
The Treasury has received approval from lawmakers to raise expenditures on external debt in the current financial year ending this Friday to Sh389.45 billion from Sh362.22 billion, which had been projected in February.
