Raila: Kenya Kwanza borrowed Sh213 billion in a day

By Peter Ochieng

President William Ruto's administration is on the spot for reportedly borrowing Sh213 billion in a day.

Azimio leader Raila Odinga on Tuesday in a statement claimed that the money was borrowed last week, from local lenders few days to the start of the new 2023/2024 financial year.

The former Prime Minister termed the borrowing as 'suspicious', calling on the State to 'come clean regarding the new debt.'

He said the current debate on the controversial finance bill, 2023 provided the perfect cover for the government to borrow money, at high interest rates.

“With the ongoing focus on the finance bill providing a perfect cover, the Kenya Kwanza administration has in recent days engaged in a suspicious spree of borrowing which the Azimio Coalition Party demands clarity on,” declared the ODM party leader.

“In a single day last week, the Kenya Kwanza administration borrowed Sh213.4 billion from local financial institutions. This debt has a number of curious and disturbing features. First, it took place just ten days before the start of Kenya Kwanza's inaugural Financial Year, which begins on July 1, 2023. Secondly, this money was borrowed at an extremely high-interest rate of 15.84 per cent," he added.

The opposition leader wondered how the money being borrowed is being spent.

“Where is all this money going, a week to the beginning of a new financial year? Kenyans deserve a full account. Why such massive borrowing just about a week to the end of the old financial year and the beginning of a new one? Can the regime consume Sh213.4 billion in one week?”

He concluded by saying that President Ruto's administration does not understand the impact of 'reckless' borrowing.