Emgwen MP Kosgey proposes Sh6 trillion public debt ceiling
What you need to know:
- The current total public debt stands at just above Sh5 trillion.
- Mr Kosgey said public debt was running out of control and needed to be curbed, but added that the public could still vary the amount he had proposed to either less or slightly more than Sh6 trillion.
Emgwen MP Alexander Kosgey has proposed to limit public debt to Sh6 trillion.
The current total public debt stands at just above Sh5 trillion.
Mr Kosgey said public debt was running out of control and needed to be curbed, but added that the public could still vary the amount he had proposed to either less or slightly more than Sh6 trillion.
He had already prepared to a bill to amend the Public Finance Management Act with a view to ensuring that the proposed ceiling would be legally enforceable.
“The Public Finance Management Act is amended in section 50 by deleting the words a ‘limit set by Parliament’ appearing at the end of subsection (2) and substituting therefor the words "six trillion shillings,’” Mr Kosgey says in the proposed amendment Bill.
