By Peter Amunga.
As we talk matters BBI, we must realise that our economy is not doing so well. The Kenya shilling yesterday hit the lowest ever since independence by exchanging 110 to the dollar.
This national debt has now reached grave & unsustainable proportion. It is no longer a matter to subject to our usual partisan politicking that is all too common every time a national issue is flagged. Kenya is racing towards debt default in no time unless we halt the National Treasury’s endless appetite for borrowing. The most recent official reports indicate that KShs 7.06 trillion has so far been disbursed to the Country and another KShs 1.35 trillion is already committed for release, bringing the total debt to KShs 8.4 trillion, which is well over 75% of our GDP and is just shy of hitting the KShs 9 trillion debt ceiling that the two Houses of Parliament approved less than two years ago with a lot of reservations. It is likely that Treasury will soon be returning back to the Senate & the National Assembly to lift the debt ceiling further again.
We have to stop this craze before it jeopardizes the future of our children.
That is why, the ANC party leader Musalia Mudavadi has spoken, directing his MP one Sakwa Bunyasi to go to Parliament and raise a motion addressing the above points.
Yes we support BBI. BUT if BBI has to work, then our economy must work. Uchumi Bora, Maisha Bora.