President Uhuru Kenyatta has defended the Sh5.6 trillion his administration has borrowed since his coming into office saying that it is what the country needs to develop.
Addressing mourners during the burial of Wiper party leader Kalonzo Musyoka’s father, Mr Peter Mairu in Tseikuru, Kitui Friday, the President said that the country has a huge deficit in terms of critical projects required to spur economic growth.
He said that the borrowing must be responsible to ensure that the needs of the people are met (sic).
“If I don’t borrow, where will the roads come from? It is a must to borrow to ensure that the needs of the people are met but let’s ensure that the money is spent prudently,” President Kenyatta said in response to ANC leader Musalia Mudavadi.
“We must borrow and ensure that we are able to service the debts. We must be cautious that we are not borrowing to consume but to grow the economy because this country has a major infrastructural deficit,” he said.
Mr Mudavadi, who attended the burial, said the country could not afford any more foreign loans and that the President should find alternative ways of financing the budget and his Big Four Agenda.
President Kenyatta’s comments come as Alego Usonga MP Samuel Atandi called for the Public Finance Management (PFM) Act to be amended to have the National Assembly have a say in the procurement of public debts.
By Daily Nation