Monday, December 7, 2020 – Fresh details have emerged on how President Uhuru Kenyatta went into a borrowing spree between May 1st, 2020 and August 31, 2020.
A new report released by the National Treasury shows that the Government borrowed Sh322.17 billion to finance projects and fight the coronavirus pandemic. This means that the Government was borrowing Sh 2.6 billion every day, which appears to be another avenue for looting public funds.
On Thursday last week, the Leader of Majority in Parliament, Amos Kimunya, tabled the report in parliament which shows that the Government procured 15 loans from bilateral and multilateral creditors within that period.
“Twelve of the loans are from the multilateral lender and three are from bilateral lenders. The total value of the 15 new loans signed is equivalent to Sh322, 178,194,048,” the report reads.
The repayments of the loans, which will attract varied interests, start in 2025, and the Government is expected to repay some of them by 2060.
“Four of the loans have been disbursed by the time of submitting this report [to Parliament],” the report says.
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