Henry Rotich: Kenya’s economy in turmoil

National Treasury Cabinet Secretary Henry Rotich has, for the first, admitted that the country was experiencing economic turmoil and urged Kenyans to "tighten their belts" as they worked on a turnaround.

Mr Rotich likened the current economic mess to a situation where passengers flying at an altitude of 40,000 feet are hit by turbulence and their only hopes are in the pilots.

"We have no options but to remain in the plan and wait and hope that the turbulence ends," he said.

The CS admitted the country was experiencing hard times and asked Kenyans to brace for tougher times as they sort out the situation.

The Government has been facing criticism from the Opposition and economists who accuse the State of running down the economy through over-borrowing and corruption.

Speaking on his return from a two-week trip to South Korea, CORD leader Raila Odinga said since Jubilee came to power, it had always given a wrong impression that the economy was growing.

"We in the Opposition have warned that we are on the road to nowhere. We warned that Jubilee is over-borrowing, over-spending and over-stealing. We have warned that the cost of living is rising and Jubilee economics is testing our patience," said Raila.

CORD leader raised the alarm that the Jubilee Government had increased the country's public debt in one year by Sh860 billion – from Sh1.8 trillion to Sh2.6 trillion – the largest annual increase in our history.

"The Grand Coalition government increased the debt by Sh900 billion in the five years it was in office, an average of Sh190 billion. We warned that Jubilee was borrowing at almost five times the rate at which the Grand Coalition government borrowed," said Raila.

But while addressing golfers at Eldoret Club during the 6th Manchester Salver annual golf tournament sponsored by MediHeal Group of Hospitals, Rotich said the Government was working on the economy and Kenyans should not worry.

He also said that CBK was sorting out the issues of Imperial Bank so the depositors can be able to access their money.

"We are working to ensure that the depositors will be able to get their money," said Rotich.