Connect with us

General News

Kenya: President Kenyatta Defends Loans Taken By His Administration

Published

3 years ago

on

[ad_1]

Nairobi — President Uhuru Kenyatta has defended loans taken by his administration saying they helped accelerate development in the country.

Speaking during the Madaraka Day celebrations at the Uhuru Gardens, the head of state castigated those who hit out at his government saying the results can clearly be seen.

“The only time that debt is a burden to a nation is if the nation is led by a cabal of looters. But in the hands of a visionary administration, debt is a catalyst for rapid development,” he said.

The Head of State answered critics saying his decision to borrow from the South Korea economic growth in a record 25 years aided Kenya tremendously.

“In just one generation they were at par with the West. The afro-pessimist will tell you that Kenya cannot replicate this ‘miracle’. But they are wrong. Our accelerated path to economic growth has begun and must be maintained by the incoming administration,” President Kenyatta stated.

The President stated that through loans, Kenya in just 9 years has moved from being the 12th largest economy in Africa, to being the 6th.

He however noted that for growth to continue, it will be upon the next administration to ensure funds are not stolen by corrupt individuals.

“And the National Question to us today is not whether debt is good or bad. The more legitimate question has to do with what the next administration will do with borrowed funds. Will they end up in private pockets or will they be used to accelerate economic advancement? “President Kenyatta posed.