Thursday, December 3, 2020 –Treasury Cabinet Secretary, Ukur Yatani, has warned Kenyans to brace themselves for a tough time ahead since the COVID-19 pandemic has ravaged the economy.
Appearing before the National Assembly Finance and Planning Committee chaired by Homa Bay Woman Representative Gladys Wanga, Yatani admitted that the year 2021 will be a tough year for Kenyans since the government has no money to run the economy.
Yatani stated that the treasury is considering borrowing money from local and external markets to cover for a shortfall of Sh 841 billion that was lost due to the Covid- 19 pandemic.
“Supporting the budget and preventing the economy from crashing is our main priority. We borrow to support the budget because revenue is either limited or not there,” Yatani told committee members
“I will be dishonest if I say everything is okay. We are in a state never witnessed before. The drastic reduction in revenue and underperformance of the economy is a concern,” Yatani added.
The Treasury CS also said Kenya’s public debt stands at Sh7.2 trillion, about 71.2 percent of the GDP.
E! News Blog
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