The arguments placed before Parliament was that the National Treasury required this adjustment to enable it to have greater scope for expanding the public debt. Since the redemption of public debt in Kenya has raced above revenues and overall economic growth, there is, no doubt, immense payment pressure. In the Senate, there was the proposal to amend the bill to create a Public Debt Council. NO WAY OUTThe council’s roles would have been a replication of what the Treasury’s public debt management office does, which would have been a superfluous imposition. The discourse on the national debt and its management will be a key issue in economic policy for the medium term and this extension of the debt ceiling is not a solution to it.

Source: Daily Nation November 12, 2019 02:02 UTC