CBK Patrick Njoroge Cautions Members Of Parliament On Country’s Debt Levels

Central Bank of Kenya Governor Patrick Njoroge asked the members of the National Assembly to aid the country in manage its debts warning accumulation further would sink the economy to a worse situation.

With the current Kenya’s debt standing at 8.6 trillion as per Treasury, Njoroge called upon Members of the National Assembly to make legislative proposal that will put an end to more borrowing as well as that seeks for ways of repaying these loans in order to boost and solve the economic crisis currently experienced in Kenya.

“As Kenyans, we all need to add our voices in addressing the issues affecting our economy and rally around the best solutions that we can offer to revive our economic state. Economic consequences of high debt are adverse and legislators have to not only ensure that we repay the debts, but also avoid accumulating more debts as a country,” Njoroge said.

Speaking on concerns of fuel and consumption subsidies, the CBK governor assured that by November, prices of common commodities will have greatly reduced to lockout expensive subsidies since the global economic prices have also started to level. “We are currently undertaking a survey on the state of the economy after the elections. We will make our submissions to the House when that is concluded.” He added.