By Paul Redfern
The World Bank has called for more transparency from African countries when it comes to managing their external debt.
In a new report released this week, the World Bank says that “for both borrowers and creditors to safeguard debt sustainability, and for governments to design effective macroeconomic policies, debt transparency is critical.
It adds that “accurate and comprehensive information on the levels of debt, as well as its composition, is more necessary than ever.”
The report says that Kenya’s external debt is at the highest figure it has ever been and now exceeds the maximum recommended level in relation to Gross National Income (GNI) according to the World Bank report.
Current Kenyan debt levels stand at $26,830 million, more than three times the level they were in 2010 ($8856) and represent 34 percent of GNI as well as two and a half times the total value of Kenyan exports….Read more>>