NAIROBI, Kenya, May 31 – The National Treasury has proposed raising the debt ceiling to Sh10 trillion from the current Sh9 trillion to allow the government to borrow more to meet the Sh3.33 trillion budget for fiscal year 2022-23 finance.
In a Gazette note published on May 26, Treasury CS Ukur Yattani called on Members of Parliament (MP) to amend the Public Finance Management (National Government) Regulations 2015 to raise the limit.
“Regulation 26 of the Public Finance Management (National Government) Regulations 2015, is amended to Sub-regulation 1 by deleting paragraph (c) and replacing it with: In accordance with the provision of Section 50(2) of the Act, the public debt may 10 trillion Ksh,” the statement said in part.