This table by CBK shows how the public debt has progressed in recent years. It is true that this regime has borrowed over KSh 2 trillion. Note that the domestic debt stood at KSh 5.808 trillion as of Friday last week.
Those who claim that this money was borrowed to pay maturing debt don’t know what they are talking about. If you borrow money to pay a maturing debt, your total debt will remain unchanged unless you have borrowed more than needed to settle the maturing debt. The KSh 2 trillion is additional debt which should be accounted for through development projects.
Also claiming that the money was used to pay debt interest is misleading. Debt interest is a recurrent expenditure and can’t be paid using borrowed money. It is paid using tax revenues.
Having said that, it should be noted that this regime like its predecessor continues to borrow for recurrent spending and wastage (massive looting and plunder). None of these is sustainable.
A serious economic crisis will ensue if we continue on this trajectory. It is a shame when you post such things and someone comes to comment that you are criticising Ruto because you are a Kikuyu. With such a primitive mindset, nothing is off the cards.
