Kenya Lawmakers Approve Proposal for Debt Limit of $86 Billion

(Bloomberg) -- Kenyan lawmakers approved a proposal by the Treasury to set the nation’s debt limit at 9 trillion shillings ($86 billion), National Assembly majority leader Aden Duale said Wednesday by phone.

The proposal requires the government to report the East African nation’s level of debt in absolute figures and not as a percentage of the gross domestic product currently. The previous debt limit was set at 50% of GDP.

READ: Kenya Proposes New Formula for Debt Limit as Liabilities Rise

Outstanding total public debt under President Uhuru Kenyatta’s administration has risen to 5.81 trillion shillings as of June 19, according to Central Bank of Kenya data. It’s surged from 1.89 trillion shillings in June 2013, two months after Kenyatta was sworn in as leader.

To contact the reporter on this story: David Herbling in Nairobi at dherbling@bloomberg.net

To contact the editor responsible for this story: David Malingha at dmalingha@bloomberg.net

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