Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


‘Debt is a necessary seed that will produce harvest’ President Kenyatta allays fears

NAIROBI, Kenya, Mar 15 – President Uhuru Kenyatta has reassured the country’s rising debt is within control and necessary to finance infrastructure projects.  

In his state of the nation address, the President said the national debt, which is currently at 50 percent of the country’s Gross Domestic Product, is being put to good use.

“Like a farmer who must sow their seeds before they can expect a harvest, our investment in infrastructure will be the seed that will produce the harvest of faster economic growth and more jobs for our people,” President Kenyatta preached.

While acknowledging concerns about the ballooning debt, the President assured the country is not at risk of defaulting, neither has it struggled to pay its creditors.

“The borrowing my administration has undertaking both from domestic and international creditors has been solely to finance the most aggressive development agenda witnessed in Kenya’s history. The evidence of a greatly expanded transport infrastructure, increased energy production, increased access to electricity, and improved security are plain for all Kenyans to see,” he stated.

Among the successes he highlighted is the completion of the first phase of Standard Gauge Railway that is set to be commissioned on June 1, 2017 as well as the completion of 1,950 kilometres new roads and another 7000 kilometres under different phases of construction.

“The Jubilee government is also boasting of connection of electricity to 3.7 million new homes doubling the total number of connections made since independence as well as connecting every county headquarters to Fiber Optic technology while 50 percent of all sub-county headquarters are also connected.”

Also, the President said the Jubilee government has connected 14,045 schools representing over 98 percent of all public primary schools in the country.

He maintained that the economy is robust growing at annual percentage rate of 5.9 percent against global average of 3 percent.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...