KENYA: GOVERNMENT RAMPS UP BORROWING AS CIVIL UNREST RISKS CURTAIL FISCAL CONSOLIDATION

   Tue, 24 June 2025

Kenya’s fiscal consolidation plans face rising implementation risks amid heavy debt servicing costs, elevated domestic borrowing, and limited external concessional support. Anti-government protests over police brutality and a lack of government accountability have reignited civil unrest, undermining public trust. This has overlapped with the first anniversary of the deadly 2024 anti-tax demonstrations, raising civil unrest risks. While macroeconomic growth remains stable, fiscal rigidity and heightened political disputes constrain the reform agenda.

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