Thursday August 27, 2020 – Treasury Cabinet Secretary, Ukur Yattani, has admitted that the country’s debt levels have reached an alarming rate.
Speaking during the National Assembly Leadership Retreat at Ole Sereni Hotel, Nairobi, yesterday, Yattani indirectly stated that President Uhuru Kenyatta’s appetite for cheap Chinese loans has landed the country in a whopping Sh 6.7 trillion debt.
According to Yattani, Kenya owes Ksh 6.7 trillion, which is equivalent to almost 60% of the country’s GDP.
Majority of the loans that Kenya has taken are from China and others from development partners.
This comes even as President Uhuru Kenyatta’s Government is pleading with China and other creditors to cancel the debts that Kenya owes them at least to cushion the country from the shocks of Covid19 pandemic.
Yattani, however, failed to give a practical Government strategy to reduce the debt burden.
He expressed optimism that the country’s economy was doing better compared to others during the Covid19 pandemic and that they will pay the debts in due time.
The Kenyan DAILY POST