Legal Reforms on External Public Debt Law in Kenya

Abstract

External Public debt remains to be one of the sources of government revenue in most economies, Kenya included. However external public debt has metamorphosed into problem to many economies. This phenomenon has greatly impacted on most developing countries, where most of them find themselves locked in a public external debt burden and negative effects on economic growth. This research therefore takes a look at the Kenyan legislation with regards to public domestic debt and in specific foreign debts and whether the laws are sufficient to put an end to the runaway borrowing practices by the country and the changes (if necessary) to the current regulations on public debt and in specific to better manage the public debt.