The Kenyan government has initiated an audit of its national debt, following significant public protests against proposed tax increases in June. Finance Minister John Mbadi confirmed the audit on Monday, noting that it aims to clarify the country’s financial obligations to various creditors. Currently, Kenya’s national debt stands at an overwhelming KSh10.5 trillion ($81.71bn).
The debt audit was a key demand of protestors, whose efforts successfully led the government to abandon several planned tax hikes. Despite the audit’s commencement, no timeline has been given for when a final report will be released. The independent auditor general, funded by the state, is overseeing the process.
Initially, President William Ruto had appointed a special committee to conduct the audit, but many appointees, including the head of the Law Society of Kenya, declined the roles, insisting the task be handled by the auditor general.
The protests, which resulted in over 50 deaths, also led to a downgrade of Kenya’s credit rating by global agencies. Meanwhile, an International Monetary Fund (IMF) team is in Kenya to assess the country’s economic program, with a possible $600 million disbursement on the horizon. The audit aims to promote transparency and accountability in managing Kenya’s debt situation.
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