In a memorandum presented to Parliament, they warned that the country’s consistent failure to meet revenue targets and the government’s appetite for debt will dampen efforts to steer the economy back to recovery. SEE ALSO: Pressure piles on National Treasury to seek debt relief“The amount repaid as public debt is increasing amid reduced revenue collections owing to the recent tax laws amendments and a large government expenditure fuelled by the executive arm,” states the memorandum in part. This comes a week after parliament’s Budget and Appropriations Committee made similar recommendations to Treasury in its report tabled in the House. Kenya is expected to spend Sh900 billion on debt repayments, representing over 90 per cent of the Sh1billion consolidated fund budget at a time the country’s revenue collections are expected to fall short. SEE ALSO: Kenya seeks China help for debt relief

Source: Standard Digital June 09, 2020 17:01 UTC