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I will reduce the rising debts in the country if elected president, says Raila

Orange Democratic Movement (ODM) party leader Raila Odinga has said that he will change the Kenya’s current debt portfolio if he emerges victorious in the August polls.

Speaking at Chatham House in London on Wednesday, Raila said that the country’s bad economy has caused poverty and stalled local economic development.

“Kenya is now approaching US $100 billion (Ksh.10 trillion) in public debt. This puts Kenya in the group of “the most debt-stressed” middle and lower-income developing countries now being forced into IMF credit and IMF supervised austerity programs,” he said.

The Azimio la Umoja presidential candidate cited that the issue should be addressed to save Kenya’s economy from falling into a fiscal abyss.

Odinga also noted that he will renegotiate for Kenyans to have punitive interest rate at the expense of their livelihoods.

“We have no choice in the matter.  We will have to seek the indulgence and cooperation of our development partners to renegotiate our debt.  I will also audit our debt to establish its actual size,” said Odinga.

He attributed that the country’s debt is contributed by corruption and Kleptocracy, adding that his government will make sure Kenya does not fall into debts.

“Gross Public Debt increased from 44.4% of the Gross Domestic Product (GDP) in 2010 to 69% of the GDP at the end of 2020, reflecting high deficits, explained by the financing of infrastructure projects whose costs are quite often inflated due to bureaucratic corruption,” he said.

“We will mount a serious war on corruption. Corruption as it manifests today is a global phenomenon. In future, we will strive to borrow at a favorable interest rate, negotiate repayment periods that are not stressful, and invest in enterprises that give good social and economic returns,” he furthered.

Odinga also said that his government will supplement devolution budget for different counties from 15 per cent to 35 per cent.

“A central government does best when it governs least at the local level,” he added.

Shillah Magret
Shillah Magrethttps://lenyaxmedia.co.ke
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