Kenya’s 12th Parliament has earned the dubious distinction of being State House voting machines after they were coerced to pass removal of interest rate caps and at the same time increase debt ceiling from Sh5.8 trn to a whopping Sh 9 trillion.
With Kenya’s GDP estimated at Sh9 trillion. the GDP to public debt ratio will effectively move to 100 per cent. Interest rates will most likely double.
Opposition MPs and Senators closed ranks to vote for the anti-public debt that will make Kenya’s economy possibly the worst case scenario.
It is expected that President Kenyatta, whose legacy will be mostly defined by high borrowing, over-taxation and white elephant projects like SGR, is expected to sign the offending bills by close of the week.
President Kenyatta sided with profiteers (read banks) and international agencies like the International Monetary Fund at the expense of resilient Kenyans that continue to wriggle under the worst economic depression ever.
Central Bank Governor, a former employee of the IMF, has severally fought the interest rate caps claiming that they have denied poor Kenyans access to credit.
Regrettably, newspapers are registering good business as auctioneers put up more property for auction even before the high interest rate regime takes shape within the next two weeks.
The First Family runs NCBA bank which recently acquired a major rival run by the family of the former Central Bank Governor Duncan Ndegwa.
Kenyans are unhappy at the development in which MPs have become a major danger to public interest.
It is the reason COFEK has set up: www.416puppets.co.ke for Kenyans to collect views of Kenyans on their MPs