By Peter Amunga.
Sakwa Bunyasi is the MP for Nambale in Busia. He has worked for Breton institutions including the world bank before joining Politics and being elected MP on the ANC party ticket that is led by Musalia Mudavadi. Last year he sponsored a bill in parliament that seek to get proper structures and legislation for govt borrowing.
In the Bill, Sakwa Bunyasi declares that 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.