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CBK Governor Calls For Efficiency In Public Spending

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 )

CBK Central Bank Of Kenya Kenya Patrick Njoroge Senate Committee on Finance

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