[File, Standard]Tom Mboya had good ideas on transforming Kenya into a stable economy without necessarily relying on external loans. Mboya thought allocating less money to recurrent expenditure while spending more on development would spur economic growth. As Economic Planning and Development Minister, his thinking was that restraining recurrent expenditure would lead to surplus revenue for development instead of going abroad to borrow to fund projects. Mboya was against foreign borrowing to sustain development. In order to maintain a rapid rate of growth with less dependence on foreign sources of capital, Mboya thought domestic saving should be vigorously stimulated as incomes rose.

Source: Standard Digital July 05, 2021 17:10 UTC