While making the announcement on Monday, Deputy president William Ruto explained that the proposal was rejected following an agreement by East African countries. "The proposal was rejected because the national government is in the process of withdrawing from short-term borrowing." He spoke during an IBEC meeting in Karen, Nairobi, that governors and representatives from the National Treasury and the Commission on Revenue Allocation attended. He further said the council agreed on a framework that will enable counties to assess their assets for creditworthiness. “Through this, counties will be able to access up to 20 percent of their revenues from their own and sharable revenues,” he said.

Source: Daily Nation November 11, 2019 17:26 UTC