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Government and Policy

We Need a Commission to Oversee Kenya’s Insatiable Borrowing, Mudavadi

BY Soko Directory Team · November 23, 2018 09:11 am

Amani Nation Congress (ANC) party leader and the former Finance minister, Musalia Mudavadi has called for the formation of a committee that will oversee the government’s rate of borrowing, which is fast approaching unsustainable levels.

Concerned about the government’s perpetual desire for external loans, Mr. Mudavadi says that a commission with powers the same as those of the Auditor General should be formed to manage the debts.

“A commission should be formed to check the public debts and it should be mandated with providing the right recommendations to the Treasury alongside monitoring and evaluating the debts,” Mudavadi said.

The ANC leader has urged professionals including lawyers and accountants to push for the idea and to ensure the right measures are put in place by the government to address the issue of excessive borrowing.

Speaking in Mombasa on Thursday at the launch of Institute of Certified Public Accountants of Kenya (ICPAK) public finance and tax conference, Mudavadi noted that the current public debt spells an impending doom for the country’s economic growth.

“The Parliament failed to carry out the necessary interrogations to address the massive wastage of public funds reported by the Auditor General, which is why we need to have an independent institution that will effectively address such issues,” he added.

His address goes in line with the recent report by the International Monetary Fund (IMF), which noted that Kenya and Uganda risk failing to pay their debts if the right policies and measures are not put in place.

The burden of the debts has fallen on the shoulders of the public who are already uneasy with the high cost of living.

The government needs to ensure the unfinished projects are completed, selling unnecessary assets to raise revenue for financing activities, and focusing on the analysis of sustainable debt options if it is to maintain manageable debt levels.

After all, Benjamin Franklin said, “Rather go to bed supperless than rising in debt.”

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