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Debt forms the second leg of the three-legged stool that is funding in Kenya's public finance. The other two are taxes and donor funding. National debt can be a potent moral hazard to any leadership and while it may be a truism that there is no such thing as a free lunch, an apparent exception appears to exist for national debt ....until one speaks to the Greeks.
In case you've been out of town or country, last year we nearly doubled our national debt from Sh1.88 trillion to over Sh2.4 trillion - that is 24 followed by eleven zeroes. However, what we did is increase the limit on our collective credit card.
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