Kenya’s Public Debt-to-GDP Ratio Falls to 68% in FY2023/24

Kenya’s public debt-to-GDP ratio declined to 68% in the 2023/24 financial year, down from 71% in 2022/23, due to higher economic growth and fiscal consolidation. The National Treasury reported Ksh2.1 trillion in revenue and restrained expenditure growth. Debt servicing remains high at 62% of revenue, but concessional borrowing has reduced interest costs. The IMF commended the progress under the $1.4 billion Extended Fund Facility. The 2024/25 budget targets a 65% debt-to-GDP ratio by 2027, balancing development spending with debt sustainability. Kenya’s debt is now rated as moderate risk by the World Bank.