Thus, a moratorium on interest payments for two years as proposed by elements within the pensions industry could unlock for the government Sh120 billion in two years. I am opposed to this idea because what these elements in the pensions industry have done amounts to an invitation to the government to default on public debt. I know from what I have read in public finance management that the obligation to servicing public debt is a constitutional matter that cannot be abrogated by legislation. When you invite the President to invoke the Disaster Management Act to default on payment of public debt obligations, you are leading the country astray. Today, Argentina is still suffering from the consequences of default on public debt many years after it defaulted on debt payments.

Source: Daily Nation May 05, 2020 19:52 UTC