Kenya's 2024/25 Budget: See 18 Countries William Ruto Plans to Borrow Loans
On June 13 2024, the CS for Treasury, Njuguna Kamau, presented the second national budget under William Ruto's administration.
William Ruto's administration plans to borrow over KSh 86 billion from other countries to fund the 2024/25 budget. Photo: William Ruto. Source: Twitter
Ndung'u told parliament that the government is expecting to raise KSh 3.343 trillion from total revenue collections, including appropriations for aid and grants to fund KSh 3.992 trillion.
Despite including aid and grants in the total revenue projections, the CS noted that the government still had a deficit of KSh 597 that it planned to meet through domestic and external borrowing.
During the budget-making process, the National Treasury projects the expected revenues and proposes amendments to help the government raise those funds, hence the controversial Finance Bill 2024.
Kenya to borrow loans and grants to fund budget
President William Ruto largely criticised his predecessor for excessive borrowing and made public promises that he would ensure Kenya lived within its means and reduced dependence on loans.
However, the president has continued the extensive borrowing with various bilateral loans and the issuance of the Eurobond loans in February 2024.
According to disclosures from the National Treasury, Kenya is not planning to cut its borrowing in the upcoming financial year.
In April 2024, the Treasury released the Estimates of the Government of Kenya's development expenditures for the year ending June 30, 2025.
The table below shows countries that Kenya will borrow bi-lateral loans and grants to fund the 2024/25 budget.
| No. | Donor Country | Total Loans (KSh) | Total Grants (KSh) | Total (KSh) |
| 1 | Denmark | - | 1,211,000,000 | 1,211,000,000 |
| 2 | Sweden | - | 943,000,000 | 943,000,000 |
| 3 | Finland | 970,000,000 | 500,000,000 | 1,470,000,000 |
| 4 | Belgium | 2,900,000,000 | - | 2,900,000,000 |
| 5 | Italy | 2,142,000,000 | 280,000,000 | 2,422,000,000 |
| 6 | Spain | 2,969,000,000 | - | 2,969,000,000 |
| 7 | KFW-Germany | 13,475,250,000 | 3,233,000,000 | 16,708,250,000 |
| 8 | GIZ-Germany | - | 323,000,000 | 323,000,000 |
| 9 | AFD-France | 25,459,635,125 | 1,027,873,310 | 26,487,508,435 |
| 10 | Kuwait | 919,000,000 | - | 919,000,000 |
| 11 | Saudi Arabia | 1,244,952,996 | 100,000,000 | 1,344,952,996 |
| 12 | Japan | 14,035,890,223 | 353,945,784 | 14,389,836,007 |
| 13 | South Korea | 4,800,000,000 | - | 4,800,000,000 |
| 14 | China | 7,253,000,000 | - | 7,253,000,000 |
| 15 | USA/USAID | 298,560,000 | 298,560,000 | |
| 16 | Israel | 1,000,000,000 | - | 1,000,000,000 |
| 17 | Poland | 1,000,000,000 | - | 1,000,000,000 |
| 18 | Hungary | 550,000,000 | - | 550,000,000 |
In the financial year ending June 30, 2025, William Ruto's government will receive KSh 78.718 billion as loans that must be repaid with interest.
The government will also receive KSh 8.27 billion in grants, bringing the total money Kenya will receive through bi-lateral arrangements to KSh 86.99 billion.