Connect with us

Politics

Trouble For Kenyans On Loans As China Expected To Take A Tough Action

Job Maangi

Published

on

Photo: President Uhuru Kenyatta with the Chinese president

Since Independence Kenya has been depending on loans as a means of funding government projects and essential services.

There is no country that developed without having borrowed at some point in time in it’s history.

A few weeks ago the deputy president Dr William Ruto confronted the government for borrowing a lot of money unnecessarily.

What has been a cause of concern amongst many Kenyans is the fact that some of the funds ended up in people’s pockets.

China has been one of the main funders of the the Kenyan projects such as the standard gauge railway that is being enjoyed by Kenyans.

The Kenyans are at the verge of losing the port of Mombasa port if the government defaults to pay the Sh364 billion SGR loan.

The Auditor general disclosed that Kenya Ports Authority assets are attached as security for China Exim Bank loan.

In a report that was submitted to parliament the Auditor General asserted that the assets of Kenya Ports Authority were used as collateral for the Sh363.96 billion Standard Gauge Railway loan.

 

“Under this clause (17.5) the borrowers – KPA and KRC – agree that any proceedings against them or their assets in connection with the agreement, no immunity from such proceedings shall be claimed by it or with respect to its assets.” the report indicated.

READ ALSO:   Uhuru Acheza Raila? Huyu Ndiye Atakayekuwa Rais Mnamo 2022 (Maoni)

Follow www.stateupdate.co.ke for more news updates

Advertisements
Advertisement
Click to comment

Leave a Reply

Link Us In Facebook

Advertisement

Trending

%d bloggers like this: