The latest revelation by National Assembly Majority Leader Aden Duale that Kenya has borrowed Sh104 billion in eight months is disturbing.
While I commend the national government for initiating many infrastructural projects, it is disheartening that majority of them are being financed by foreign debts.
Heavy indebtedness coupled with lack of transparency and accountability could spell doom to Kenyan economic growth and development.
As we speak, foreign debt has become a millstone around Greece’s neck.
The proclivity by national and county governments for spending taxpayers’ money on white elephant projects has exponentially worsened the situation.
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Sadly, Kenyans are the most taxed lot in the region thus profoundly affecting people of slender means.
In a nutshell, unacceptable high level of indebtedness which is devoid of austerity measures is a great impediment to economic growth and development.
The Government should look at the far-reaching ramifications of heavy indebtedness.
