Between November 2014 and July 2015, President Uhuru’s government borrowed a whooping sh104 billion from western/eastern governments and multinationals, a sum Kenyan taxpayers will pay till 2085.
Considering the other funds already being solicited, the ballooning debt will see Kenya repay the amounts till the next century, with a particular tranche, sh 35. 5billion loan being repaid from 2101, some 86 years from now.
Treasury PS Dr. Kamau Thugge shocked the National Assembly when he made this stunning revelation. The CS however supported the borrowing, saying the funds are meant to support Kenya’s massive infrastructural development.
Dr Thugge submitted the list, a requirement of the Public Finance Management Act, which provides for him to provide a report to Parliament every four months of all the new loans obtained from outside Kenya or denominated in foreign currency.
The opposition CORD has in the past warned the government against heavy borrowing, alleging the regime is committing is auctioning the future of young and unborn Kenyans yet the money being borrowed is getting massively squandered.