Musalia Mudavadi: Disclose country's total debt

Amani National Congress (ANC) leader Musalia Mudavadi (pictured) wants the Government to disclose the amount of money it owes international lenders.

Mr Mudavadi, who was speaking in Mombasa on Monday, said it was time the Government complied with the law and disclosed the country's total debt.

He cited the principles of public finance contained in Article 201 of the Constitution - openness and accountability in financial matters - which he said the Government should embrace when talking about the national debt.

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Mudavadi said this year ANC would push the Government to reveal to Kenyans how it planned to manage the debt.

"The debt to Gross Domestic Product (GDP) ratio will soon be uncontrollable unless the Government urgently finds a way to keep off foreign lenders," said Mudavadi.

"Most companies listed at the Nairobi Securities Exchange (NSE) are issuing profit warnings. The employment rate has not improved. Most startups are folding up," he added.

Complete overhaul

Mudavadi, who was flanked by other leaders from ANC, said the debt hole Kenya was getting itself into would be hard to jump out of in the near future.

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The ANC leader said the country had recorded the highest debt figures in its history.

And yet the current regime continues to borrow with unbridled zeal.

Mudavadi explained that the Constitution was very clear when it comes to burdening future generations with debt.

He said that when undertaking public borrowing, the debt should be shared equitably between present and future generations.

It should not be left to future generations to repay alone.

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The opposition figure expressed concern that the current administration had borrowed to feed the greed of a few individuals, while burdening the common mwananchi with debt.

"This Government has not been sincere on the amount of external debt it is holding. This is even when it is clear Kenyans are hurting from the loans," said Mudavadi.

The ANC leader proposed a complete overhaul of legal and administrative structures in the Public Debt Management Office.

This includes making it an autonomous body.

The opposition leader also welcomed President Uhuru Kenyatta's fight against corruption, saying it is time the country tackled the menace head on.

SEE ALSO :Is there a looming debt crisis facing Africa's delicate economies?

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