NAIROBI, Jan. 27 (Xinhua) -- Kenya borrowed externally as much as it did internally in 2019, pushing up the public debt past the 6 trillion shilling (about 60 billion U.S. dollars ) mark, new data from the National Treasury shows on Monday.
The debt closed 2019 at 60.4 billion dollars, up from 58 billion dollars in June the same year as the government accelerated borrowing from internal and external sources to fund infrastructure projects and its budget, according to the Treasury.
While domestic debt stood at 29.4 billion U.S. dollars and external borrowing hit 31 billion U.S. dollars, the total debt accounts for about 60 percent of the country's gross domestic product (GDP).
The Treasury said the debt ratios show that external debt is within a sustainable level and that public debt as a proportion of GDP remains low, well below the lower-middle-income country debt sustainability benchmark of 70 percent of GDP in present value terms.
It was projected that Kenya will borrow 3.1 billion dollars from the domestic market and 2.5 billion dollars from external sources during the current fiscal year. XINHUA