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CS Yatani:- Senate Committee on Finance takes on Treasury CS on Status of Public Debt

Senate Committee on Finance takes on Treasury CS on Status of Public Debt

MOMBASA, 11th August – The Senate Committee on Finance and Budget has directed
Treasury CS, Amb Ukur Yatani to furnish, within seven days, a schedule of Commercial
External Debt that it has earmarked for retirement.
In a meeting between the Senate Committee and the Treasury on the status of public debt in
Kenya chaired by Sen. Charles Kibiru, the CS reported that retiring debt ‘is a long and
tedious process' and that Treasury had engaged experts to advise on restructuring the loans.
“When you appeared before us over a year ago part of your immediate concern and
engagement was to retire expensive debt and leave the less expensive debts. What changed?”
posed Sen Moses Wetangula.
In his presentation to the Committee, CS Yatani compared Kenya’s debt ratio to GDP to that
of Japan, the US, UK and Angola saying that the country’s GDP ‘didn’t indicate that there is
a serious problem’.
The Committee took exception to his remarks noting that it had earlier cautioned him against
comparing Kenya’s GDP to those of advanced countries with huge economic bases and
international investments.
As at end June 2021, Kenya’s nominal public debt stock stood at Ksh 7.74 trillion (USD
71.52 billion) equivalent to 69.07 per cent of GDP. This comprises of 52.1 per cent or Ksh
4.04 trillion External debt of total debt and 47.9 per cent Ksh 3.70 trillion Domestic debt.
Other Senators present at the meeting included- Sen Farhiya Ali, Sen Rose Nyamunga and
Sen Mutula Kilonzo Jr.