Narok Senator Olekina Ledama has said that he voted to increase the debt ceiling of the government to Sh.9 trillion. I
n a tweet, he said that he supports the push for the increase in the ceiling because he wanted the National Treasury to restructure as well as retire commercial loans that tend to attract high-interest rates.
He has now asked the Central Bank of Kenya (CBK) to make sure that the new loan schedule is made public for Kenyans from different walks of life to access the same.
"I voted to increase the debt ceiling to 9T because I was assured that the plan was to restructure and retire commercial loans with high-interest rates. Can @KeTreasury publish the new loan schedule with the new rates? Otherwise, next month I will pay for my debt. Was it $1830?" he tweeted.
The senate’s decision was welcomed by a stakeholder from different sectorsMentoria Consulting chief economist Ken Gichinga said that the move was ideal for the current situation of the nation.
“The minister should borrow and spend prudently. If he doesn’t, we can even hit the Sh9 trillion debt ceiling before the end of the year,” Mr Gichinga said.
The treasury was given the green light to borrow extra Sh2.5 trillion, in addition to the Sh6.5 trillion current debt. The government had resolved to increase the limit to enable it to access another loan to settle its debts.