MPs challenge State to show Eurobond I development projects

What you need to know:

  • Kenya’s debt currently stands at Sh4.6 trillion.

  • Public Accounts Committee chairman Opiyo Wandayi said the public had a right to get concerned over the debt level.

Opposition MPs have challenged the government to show Kenyans a list of development projects it did with the first Eurobond proceeds before subjecting the country to more loans.

The lawmakers expressed fear that the continued borrowing Is not matched by economic development and will affect the country’s economy in the long run.

National Assembly Minority Leader John Mbadi said in the light of the borrowing of Sh202 billion by the government last week, it was clear that Jubilee was taking loans without a definite plan on how to spend the money.

Kenya’s debt currently stands at Sh4.6 trillion.

The same sentiments were expressed by minority whip Junet Mohammed who said the burden of repaying the loan will be felt by both opposition and Jubilee supporters hence the government ought to be careful before going on a borrowing spree.

“Jubilee is committing an illegality by condemning the future generations to unnecessary debts. They think their actions only affect their supporters,” he said.

Public Accounts Committee chairman Opiyo Wandayi said even if the intention of the loans was for development, as claimed by the government, the public has a right to get concerned over the debt level.