There is a proposal to seek external commercial financing of Ksh 270 billion in this financial year

The Kenya Kwanza government is on a borrowing spree domestically to avoid the modest foreign debt due to the weakening Kenyan shilling which is now leading to an upward creep in interest rates dampening the economic growth projection of 5.5 per cent in 2023. The Parliamentary Budget Office report has warned that the private sector will suffer a major blow as a result of the escalating public debt vulnerabilities urging members of parliament to keep an eye on the approved medium-term debt management strategy for 2023 which recommends a borrowing mix of 50:50 domestic to external borrowing. It has also been projected that the total expenditure for President William Ruto-led government will burst the maiden budget to stand at 3.74 trillion Kenya shillings.