Monday, June 17, 2024

We were facing potential economic shutdown, says Gachagua

Deputy President Rigathi Gachagua has warned of a potential economic shutdown caused by former President Uhuru Kenyatta.

Speaking from Mombasa on Tuesday, the second in command noted that the economic implication caused by the former President through huge public debts could soon or later take the country south.

“We were facing potential economic shutdown. The truth must be said…[there was] huge public debt [of] Ksh.9.6 trillion…Ksh.900 billion in pending bills…Eurobond of USD 2 billion accruing interest at between 12% to almost 16%…those debts must be paid by the people of Kenya,” said the DP

The utterances are contrary to statements issued by President William Ruto who assured Kenyans that the economy is stable and that they managed to clear pending loans.

According to his deputy, the actions by the previous regime is the reason why the country as where it is and it is their responsibility to ensure that all debts are settled.

He continued by confirming that the country’s assets have been used as collateral as they work on sealing every loophole to ensure that they get the highest collection from taxes paid by Kenyans.

“We found ourselves in a hole, and what you do if you’re an intelligent person, when you find yourself in a hole, you first stop digging and figure out how to get out; that is exactly what we have done – tightening revenue collection, sealing leakages, making sure that every cent is collected to pay public debt,” he said

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