According to the Leader of Majority in the National Assembly, Amos Kimunya, Kenya public debt could rise up to Sh20 trillion. Mr Kimunya says the borrowing could rise this high so long as it will lead to giving Kenyans “development”, meaning provision of services.
A former Finance minister, he says Parliament will look at the merits of the borrowing and not the limit or ceiling.
Well, he may have a point, but there are well known tools like the debt ceiling that help an economy to run without causing a constriction unnecessarily.
Every now and then, pundits are asking the government to rein in wastage and stick to strict austerity regimes to no avail. We remind MPs that debt is not free money and it should be guided by the ability to repay, which should not mean taxing Kenyans to the bone marrow.
Time has reached when the government, through the Treasury and the House, must save Kenyans from the ballooning debt burden that is exposing the economy to a possible numbness. On this, we disagree with Mr Kimunya . Kenya must cut its coat according to its cloth.