State in crisis over borrowing
08 July 2013, 14:58
Nairobi - A crisis is looming as the State's borrowing from the domestic market is set to surpass the limit set by Parliament earlier in the year.
According to a Parliamentary Budget Office’s monthly report on the economy for May-June 2013, the government has already exhausted its overdraft facility at the Central Bank, Daily Nation reports, as it plans to raise more money.
The report further points to the fact that the government is edging closer to the overall debt limit of KES 1.2 trillion set by parliament in January this year.
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