In the Finacial year 2023/2024 President William Ruto will have to borrow Ksh 2B daily in order to achieve his election pledges that had the Kenya Kwanza coalition elected to office.
This is according to Treasury CS Prof Njuguna Ndungu who discloses the country’s shredded economy cannot effectively fund the Ruto government’s ambitious projects. The government has expanded its budget by 7pc to Sh3.64trn.
In the last administration, President Uhuru disclosed the country was losing Ksh 2B daily to corruption.
Mr. Kenyatta was heavily criticised for overborrowing by William Ruto, then Deputy President.
At that time, Mr. Ruto strongly believed it was prudent for the country not to borrow funds for development and that Kenyans were overburdened with expensive public debt in the name of development loans.
