Mudavadi slams Jubilee Gov't for raising debt ceiling to Sh9 trillion | PUNCHLINE
Amani National Congress (ANC) party leader Musalia Mudavadi (pictured) has warned that Kenya's appetite for expensive loans will plunge the country into economic anarchy.
Mr Mudavadi criticised Parliament's decision to raise borrowing ceiling to Sh9 trillion ($85.7), noting the figure was unjustifiable.
“It was unfair for a parliamentary committee to approve and increase debt ceiling from Sh6 trillion to Sh9 trillion when they cannot tell Kenyans how they arrived at the magical figure. Even some Members of Parliament raised questions on the issue, but the Treasury Cabinet Secretary was unable to make a justification,” said Mudavadi.
A World Bank report released last Wednesday warns that Kenya is drifting towards debt distress, owing to the Government’s huge appetite for high interest loans.