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Treasury now opts to empty State coffers to pay public debt - 11 months ago, 9 Mar 00:11

By: Frankline Sunday

The National Treasury spent more than 90 per cent of the Consolidated Fund on debt repayment in the first quarter of the current financial year, new data shows. Further highlighting the strain the country’s public debt is exerting on the economy, the latest report from Controller of Budget Agnes Odhiambo shows that the share of the fund that went to debt repayment rose by 35 per cent in comparison to a similar period the previous year. “Public debt had the highest proportion of the CFS (Consolidated Funds Services) budget at 92.9 per cent,” said Ms Odhiambo in the latest review of Treasury’s expenditure plan. In the first three months of the current financial year alone, Sh75 billion out of the total of Sh85 billion spent through the Consolidated Fund went to debt repayment, with another Sh9 bilion going to pensions and gratuities. The Consolidated Fund is the key exchequer account ...
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