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Kenya’s economy grew at a robust pace over the last decade (2004 – 2015) with real GDP growth averaging 5.5% per annum. The growth was supported by public investments in infrastructure projects particularly road construction and geothermal energy generation and distribution; buoyant private credit growth; and strong consumer demand. The public investments are to a large extent financed through both domestic and external borrowing.

As in most former HIPCs, Uganda’s public debt has been increasing both in nominal terms and as a percentage of GDP from about US$3 billion (or about 20% of GDP) end of FY2008/09 to US$7.4 billion (or about 31% of GDP) at the end of FY 2014/15. Both external and domestic borrowing to finance infrastructure projects contributed to this increase. Nevertheless, public debt has remained within the cost-risks thresholds set in the 2013 Public Debt Management Framework, largely due to the concessional nature of external debt.

 

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