Budget chief wants MPs to act on rising public debt

Controller of Budget (CoB) Margaret Nyakang’o yesterday called for the intervention of the National Assembly’s Budget and Appropriation committee to slow down the accumulation of public debt in the country.

While delivering key highlights of budget implementation for the year 2022/23 and first quarter of the 2023/24, Nyakang’o regretted the declining development matrix of the country because of inadequate resources to finance development.

Increasing continously

 Speaking when she appeared before the committee in Mombasa, Nyakang’o confirmed that the public debt burden is continuously increasing thus threatening the proposed development plan by the government.

 In the highlights of the 2022/23 budget, Nyakang’o said Kenya debt ceiling has breached the standards since as at June 30, 2023 the country’s public debt stood at  Sh 10.25 trillion, comprising sh 5.416 trillion due to external lenders and sh 4.832 trillion due to domestic lenders.