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The Government has been urged to establish an independent regulator to check runaway borrowing and prevent the piling public debt.
Auditing firm, PKF, yesterday raised concerns on the country’s spiraling debt as well as funds sunk into stalled or white elephant projects. The audit firm said there is a need for an independent body to enforce fiscal policy, preventing the use of short-term debt to fund long-term projects and monitor parliamentary approvals for new debt.
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