The Kenya Kwanza Alliance is now calling on the National Treasury Cabinet Secretary Ukur Yattani to stop signing for any loan as the country heads to the general election in August.

“The CS for the National Treasury should not sign any new loans including floating sovereign bonds during this transition period. The National Assembly and the Senate must avoid any further strangulation of Kenyans with additional debt by refusing any request for approval of a new debt ceiling,” Musalia Mudavadi read on behalf of the alliance during a press conference in Meru.

Led by Deputy President William Ruto, the alliance said that debt has grown six-fold from Ksh1.8 trillion in 2013 to Ksh11.7 trillion as of February 2022 which is over 100 per cent of the country’s GDP.

“The total loan commitments and stock of debt procured exceed the public debt ceiling of Ksh9 trillion as approved by parliament in 2019 thereby breaching Article 211 of the Constitution read with Section 50 (2) of the PFM Act, 2012.

“The Cabinet Secretary for the National Treasury exceeded the set debt ceiling without seeking new approval from Parliament in total violation of the Constitution and the PFM Act, 2012,” the alliance said.

The alliance also noted that the debt commitment pre-handshake was Ksh4.5 trillion and that the post-handshake figure has ballooned to Ksh11.7 trillion.

“Was the handshake a license to burdening Kenyans with punitive public debt, punitive taxation, punitive food prices and a high cost of living?” they posed.

The alliance also proposed that the National Assembly and the Senate should reduce the budget ceiling to ensure a fiscal deficit that does not exceed Ksh400billion and check on the growing public debt.