Friday, September 23, 2022 – Treasury Cabinet Secretary Ukur Yatani has credited former President Uhuru Kenyatta for his ingenuity when taking loans during his second term in office.
Speaking during an interview, Yatani told President William Ruto and his Government to learn from Uhuru on how well he managed the economy in his second term instead of dismissing, bashing, and demonizing him.
According to Yatani, the move by the former head of state not to take commercial loans in the second term was ingenious because they are expensive.
He divulged that Uhuru’s administration opted for multilateral loans that offered Kenya credit at a lower interest rate as compared to commercial loans.
Yatani added that the loans were sustainable and beneficial to citizens in the long run as they had better repayment plans.
“We borrow to realize development but we do it sustainably and for the last four years we have never borrowed commercially. When we borrowed, we borrowed from the multilateral widow where the average interest rate on 0.02 per cent and payable over 30/40 years. That is sustainable,” he stated.
Besides, Yatani revealed that Uhuru opted to reduce expenditure and generate more revenue which created more finances for projects that boosted the economy post the global pandemic period.
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