STATE OF THE NATION

Kenya's debt level worrying, says Raila

He says if elected he will sure country does not default on payment

In Summary
  • Raila said if Kenyans elect him as their fifth president, he will put in measures to ensure that the loans being borrowed are friendly in terms of interest.
  • He further said his administration will have to seek the indulgence and cooperation of development partners to renegotiate the country's debt.
  • I'll make 
ODM leader Raila Odinga addresses the Entrepreneurs Organisation of Kenya at a Nairobi Hotel on March 3.
ODM leader Raila Odinga addresses the Entrepreneurs Organisation of Kenya at a Nairobi Hotel on March 3.
Image: RAILA ODINGA/TWITTER

ODM leader Raila Odinga has raised concerns over Kenya's rising debt, saying that the country is now approaching $100 billion mark. 

Raila said the country is now in the group of “the most debt-stressed" nations.

Speaking at the Chatham House in the UK on Wednesday, he said when Azimio La Umoja movement takes power, it will put in measures to ensure  the loans being borrowed are friendly in terms of interest.

“I will make sure Kenya does not default on debt repayment," Raila said.

"In future, we will strive to borrow at a favourable interest rate, negotiate repayment periods that are not stressful and invest in enterprises that give good social and economic returns.”

He further said his administration will have to seek the indulgence and cooperation of development partners to renegotiate the country's debt.

“Such austerity programmes are usually implemented in the sole interest of satisfying debt repayment at the expense of people’s livelihoods.”

Raila further said he will give primacy to the pursuit of conflict resolution and continental peace within the framework of the African Union.

 

(edited by Amol Awuor)

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