Central Bank of Kenya Governor Patrick Njoroge has warned against the continued Country’s debt that it was unsustainable. CBK governor told the National assembly to aid the Country manage it’s debt warning that stretching the debt burden further could paralyze service deliver
With the Country’s current debt level standing at a whopping 8.6 trillion shillings, and with the current economic situation expected to once again push the faith administration, into further borrowing to finance the campaign manifesto. Central Bank of Kenya Governor Dr. Patrick Njoroge called for caution.
The Governor of us the country was walking a tight rope that had decisions have to be made if crucial services were to be delivered. While noting the Country’s fiscal space was narrowing by the day, Njoroge called on the August House to consider legislative proposals that would boost the country’s economic performance.
At the moment commercial loans gobble up one third of external loans with domestic debt standing at 3.9 trillion shillings this is expected to rise in the coming months as the government sources for funds to finance it’s activities, he called on the 13th parliament to ensure the country stays afloat by setting it’s debt to avoid punitive measures.
By Faith Njerwe