The Institute of Certified Public Accountants of Kenya (ICPAK) has faulted President Uhuru Kenyatta and his Deputy William Ruto for government’s continuous borrowing, arguing the country is likely to plunge into a huge debt.
The ICPAK outgoing chairman Fernandez Barasa, who was speaking in Mombasa on Wednesday during the group’s annual conference, called upon Jubilee leadership to regulate the current account deficit to save this nation from trouble.
Barasa also reminded the government to ensure that the public debts do not exceed nine per cent. The Chairman further asked the auditors working on behalf of the government to respect the constitution in their undertakings as we head to the next general polls.
”There is need to relook at our debt portfolio to ensure that it is sustainable, borrowings should only be used for financing development expenditure and not recurrent expenditure,” he said, as quoted by Baraka FM.
He also said that the government has to prioritize the exportation of goods and services to different parts of the world for the sake of economic growth.
”The Government should endeavor to increase export of goods and services past the seven percent income term projection besides recovering the real economic growth,” he said.
The members are holding a threat day retreat in Mombasa where they are expected to elect new leaders.
ICPAK chairman Fernandez Barasa at a past function [Photo/ businessdailyafrica.com]