By Amunga Peter
H. E. Musalia Mudavadi yesterday had a live presser covered on KTN NEWS LIVE where he ADDRESSED the trending issue this Easter weekend, where KENYANS have taken to social media to condemn the latest loan from IMF to Kenya.
The key points from the presser are as follows.
Public debt is not all bad but it must be controlled along the following lines:
- It must be sustainable and not overburden the country. Ideally at anytime it should be about 50% of the GDP.
- The cost for such debt should be the best we get. We must look at cheaper concessional debt that is not only cheap but long term in repayment. Let’s avoid expensive short term commercial loans.
- Public debt is public money and must be utilised strictly and wholly for the benefits of the public and fully for the projects it is meant for.
- Let’s ensure all debt we get in does not compromise our sovereignty by mortgaging key public assets.
Mudavadi, remains the only KENYAN leader at this point in time who is speaking the economy and giving direction on what should be done. We need to listen, because he was the finance minister when Kenya went through a similar economic meltdown moment in the 90s. He pulled the country out of it.
That is why Musalia Mudavadi ANC PARTY is sponsoring a bill in parliament via Sakwa Bunyasi the MP for Nambale to address the public debt.
Public debt is an oversight role. Parliament is abdicating one of its oversight roles and taking it back to the executive. How can presidential appointees be “semi autonomous”
The parliament of Kenya is the constitutional public debt authority and it shud do its job by following the procedures stipulated in this proposed law. Control the debt ceiling and refuse to approve a budget with alot of loans and deficits.
We don’t need another authority. Mps should just do their job and stop UHURU from borrowing every day.