The Central Bank Of Kenya Governor Dr. Patrick Njoroge is calling for efficiency in public spending to address the rising debt. According to the CBK manager, he told the Senate Committee on Finance that the public debt levels are rising largely due to heavy spending on infrastructure and Covid-19 related funding.
It is reported the Kenya public debt has now hit 7.7 trillion which is actually a huge amount of money. The amount is equivalent to 69 percent of theGDP, this is up from the 3.6 trillion which was recorded in the year 2016.
During his (Dr. Patrick Njoroge) appearance before the senate Committee on Finance, he attributed that Kenya's public debt is becoming unsustainable.
He revealed that the current public debt level to spending on capital intensive infrustractural projects and Covid-19 related expenses. He has now called for efficiency in public spending, fiscal consolidation and exploring non-debt financing Options to public projects.
This could help in reducing the rate at which the country is over relying on debts in its developmental projects.
Content created and supplied by: Sam_KE (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 See More