President Uhuru Kenyatta has defended Kenya’s foreign borrowing spree saying it has helped accelerate development in the country.
Speaking when he led the country in marking her 59th year of internal self-rule, the head of state who is in his last months in office, castigated those opposed to government borrowing saying the results can clearly be seen.
“The only time that debt is a burden to a nation is if the nation is led by a cabal of looters. But in the hands of a visionary administration, debt is a catalyst for rapid development,” he said.
President Kenyatta gave an example of South Korea whose economy was transformed through borrowing.
“In just one generation they were at par with the West. The afro-pessimist will tell you that Kenya cannot replicate this ‘miracle’. But they are wrong. Our accelerated path to economic growth has begun and must be maintained by the incoming administration,” President Kenyatta stated.
The President stated that through loans, Kenya in just 9 years has moved from being the 12th largest economy in Africa, to be the 6th.
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