World Bank now warns UHURU KENYATTA over his recent action-See what he did that has angered even donors


Thursday October 11, 2018-The World Bank has issued a warning to the Government of President Uhuru Kenyatta over the decision to slash Development Kitty in order to reduce the current debt load.
In the Bi-Annual economic update, the World Bank warned Treasury never to touch on development money in its efforts to raise money to repay the debt.
The international body cited that in doing so, the country is stifling its economic growth thereby reducing the Gross Domestic Product (GDP) of the country.
The World Bank instead, asked the country’s Treasury to explore other ways of raising revenues such as cutting the public sector salaries and other recurring items which do not directly affect the collective development.
The Bank further suggested that the Kenyan Government should reduce the budget of State-owned firms and the payroll of the Government employees.
At the same time, the World Bank urged Uhuru and his Government to remove the caps on banks’ lending to boost the economic growth.
According to the report, the current national debt represents 57% of GDP, a slight reduction from 57.5% last year.
The Kenyan DAILY POST

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