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The Standard e-Paper
Truth Without Fear
Kenya's High Court has ruled President William Ruto's public debt audit taskforce unconstitutional, finding it unlawfully duplicated the constitutional mandate of the Auditor-General.
There is a new village elder in Kenya. Not the chief. Not the pastor. Not even your grandmother. It's the digital lender.
The National Treasury departed from the approved Medium-Term Debt Management Strategy by significantly increasing domestic borrowing without parliamentary approval.
If Kenya’s Sh13.0 trillion public debt was to be divided equally among the population – from newborns to the elderly – then every person would be handed a bill of Sh240,740.
The National Treasury is under the spotlight for diverting Sh30 billion that had been borrowed through issuance of a Eurobond last year to cover shortfalls in domestic borrowing.
Despite the heavy debt burden and public criticism of the Standard Gauge Railway, the government could be repeating the errors with the Sh700 billion SGR extension to Kisumu and Malaba.
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