World Bank raises concerns over Kenya’s fiscal outlook

The World Bank has raised fresh concerns over Kenya’s fiscal outlook, warning that rising public debt, persistent revenue shortfalls and slow export growth continue to threaten the country’s economic stability. The bank says Kenya’s growing reliance on domestic borrowing is putting pressure on the financial sector by reducing credit available to businesses. It warns that continued government borrowing from the local market could crowd out private sector investment, slowing business expansion, job creation and overall economic growth.