Kenyan firms raise debts from foreign lenders to Sh850bn

Kenyan companies have increased their borrowing from external sources to an estimated 15 per cent of the gross domestic product (GDP) or Sh850 billion.

The International Monetary Fund (IMF) disclosed the preliminary estimate of the private sector foreign debt in its most recent report on the economy but noted a further assessment of the same would give a more accurate picture of the vulnerability of the corporate sector to external shocks.