Foreign

Kenya surpassed its domestic borrowing target by 250 million U.S. dollars in the period ending June as the government sought more funds for budgetary support.

The east African nation borrowed 2.73 billion dollars in the fiscal year ending to June, exceeding a target of 2.48 billion dollars, said the National Treasury in a debt bulletin Tuesday.

Commercial banks, which hold the bulk of the domestic debt, contributed 1.24 billion dollars of the money borrowed during the period while non-banking financial institutions and foreigners offered the rest.

The government is also currently 47 percent ahead of its borrowing target for the current financial year, having borrowed 690 million dollars against a target of 466 million dollars. (Xinhua/NAN)

Tags: Cash-strapped Kenya govt exceeds borrowing target – Treasury dept

Related Posts