Opera News

Opera News App

The Stalemate Of Kenya's Debt Gives Sleepless Nights To Common Mwananchi

Chitechi
By Chitechi | self meida writer
Published 4 days ago - 0 views

Kenya's public debt is becoming unsustainable thus causing worries to common Mwananchi. The major worries are as a result of heavy burden placed to the citizens who are the taxpayers.

Kenya's debt situation has been growing out of control from every time the government request money in form of a debt to respond to the coronavirus pandemic. Unfortunately, the money borrowed end up doing things that are not planned for.Kenya is supposed to repay the Chinese loan that was used to construct Nairobi-Naivasha standard Gauge Railway. The loan repayment adds a burden to taxpayers. The Chinese loan maturity comes at a time Kenya is facing a budget shortfall due to coronavirus and spiraling debt that raised to total of KES 7 trillions or 62.5 percent of the economy. According to Treasury Draft, Kenya will incur extra KES 1.82 trillion in loan for the next two years.

The loan from International Monetary Fund of KES 3.4 trillions parastatal and county loans which is included as part of country's national debt has left many Kenyans overburdened. It has increased the kenya's debt from Kes 7 trillions to Kes 10.4 trillions. Due to large debt witnessed in Kenya, Paris Club has suspended all its debt agreement with Kenya. The cancellation of Kenya's debt agreement may negatively affect the economy.

The major worries to kenya's citizen is the future of the children. The kenya's debt is so huge that may make our descendants to suffer most. The Kenya's future economy is likely to perish as money will be used to service debts instead of improving our economy. To make the matters worse, the economy has come to a stand-still due to third wave of Covid-19.

Is Kenya's economy taking the right direction?

Content created and supplied by: Chitechi (via Opera News )

Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform

YOU MAY LIKE

Fred Ngatia Claimed As The New Chief Justice In The Country, Told To Do This By Raila Odinga's Ally

4 hours ago

1488 🔥

Fred Ngatia Claimed As The New Chief Justice In The Country, Told To Do This By Raila Odinga's Ally

Obado Wins Big Over Raila as Luo Council Agree to Support His 2022 State House Ambition

4 hours ago

132 🔥

Obado Wins Big Over Raila as Luo Council Agree to Support His 2022 State House Ambition

MP Moses Kuria Arrested And Detained At Karuri Police Station For Commiting The Following Offense

4 hours ago

59 🔥

MP Moses Kuria Arrested And Detained At Karuri Police Station For Commiting The Following Offense

"Wacheni Formalities" Ledama Olekina Fires at JSC, Alleges They "Already" Have Chosen a Chief Justice

4 hours ago

759 🔥

Revealed: Meet The Man Behind Nairobi's Most Expensive Wedding Convoys

4 hours ago

67 🔥

Revealed: Meet The Man Behind Nairobi's Most Expensive Wedding Convoys

Reactions As Vocal Narok MP Hosts County MCAs Over Discussion Of UDA Party Recruitment Drive

4 hours ago

127 🔥

Reactions As Vocal Narok MP Hosts County MCAs Over Discussion Of UDA Party Recruitment Drive

Just In: Gatundu South MP Moses Kuria Arrested For Defying Covid-19 Protocols (PHOTOS)

4 hours ago

26 🔥

Just In: Gatundu South MP Moses Kuria Arrested For Defying Covid-19 Protocols (PHOTOS)

Ledama Makes New Allegations Over The Ongoing Chief Justice Grilling

4 hours ago

48 🔥

Ledama Makes New Allegations Over The Ongoing Chief Justice Grilling

"When ODM Speaks It Means Kenya Has Spoken And It's An Official Opposition Party," Says Mp

4 hours ago

38 🔥

Musalia Should Respect Raila, ANC Has Only 8 Members Or Else We Take Action, Says ODM Mp

5 hours ago

63 🔥

Musalia Should Respect Raila, ANC Has Only 8 Members Or Else We Take Action, Says ODM Mp

COMMENTS