Kenya plans to raise KSh 901 billion in new debt for the upcoming fiscal year, with the majority, 72%, sourced from the domestic market. This strategy aims to reduce refinancing and exchange rate risks, aligning with the 2025 Medium-Term Debt Management Strategy.

• Total net borrowing is estimated at KSh 901 billion, with KSh 613.5 billion from domestic sources and KSh 287.4 billion externally.
• The National Treasury projects gross financing needs of KSh 1.55 trillion, including KSh 901 billion for the fiscal deficit.
• Domestic borrowing will primarily involve Treasury bonds with a net issuance target of KSh 634.8 billion, complemented by KSh 149 billion from privatization proceeds.
• Kenya's total public debt stood at KSh 11.8 trillion as of June 2025, equivalent to 67.8% of GDP.