The senate has opposed the government’s plan to raise the debt ceiling to Sh9 trillion.
The Senators have said that acting Treasury Cabinet Secretary Ukur Yattani is yet to give them good reasons why the ceiling should be raised.
On Wednesday, Ukur told Senate Finance Committee that the raising of the ceiling is the best solution to the problems facing this nation.
He said that the government is between a rock and hard place because of the financial constraint it is facing.
He also said that the Senate will have an opportunity to share its suggestion during the annual budget reading.
“I really want you to accept that this is the best proposal for this country. You’ll still be enforcing the borrowing through the annual budget, this is just a palliative. It will give us an opportunity to handle these expensive loans,” he said, as quoted by Standard.
Ukur also argued that the country is bound to crash if the debt ceiling is not raised as suggested.
The Treasury has been pushing for the raising of the debt ceiling in a bid to tame the rising debt of the government.
Ukur has also been rooting for the amendment of Public Financial Management Act. National Assembly adopted the change and appealed to the senate to follow suit.