Glossary

Consolidated Fund: The primary account where all government revenues are deposited and from which public debt is a "first charge" (priority payment).
Coupon Rate: The annual interest rate paid on a bond.
Debt Service: The cash required to pay back the principal and interest on outstanding debt.
Debt Sustainability Analysis (DSA): An assessment of a country's ability to service its debt without compromising economic growth.
Disbursements: The actual transfer of funds from a lender to the borrower.
Domestic Debt: Debt denominated in local currency and issued within the local market, such as Treasury Bills and Bonds.
External Debt: Loans from foreign creditors, including bilateral, multilateral, and commercial lenders (e.g., Eurobonds).
Guaranteed Debt: Loans taken by other entities (like County Governments or parastatals) for which the National Government provides a repayment guarantee.
Liability Management Operations (LMOs): Strategic actions like debt buybacks or switches to optimize the debt portfolio's maturity and risk.
Medium-Term Debt Management Strategy (MTDS): A framework that guides government borrowing to balance costs and risks.
Public Finance Management (PFM) Act, (Cap 412 A): The primary legislation governing public debt and financial accountability in Kenya.
Total Public Debt: The combined amount of domestic and external debt owed by the government.
Treasury Bills/Bonds: Short-term and long-term government securities used for domestic borrowing.

Abbreviations

CBK: Central Bank of Kenya.
MTEF: Medium-Term Expenditure Framework.
PDMO: Public Debt Management Office.