Emgwen MP Alex Kosgey has warned that the current public debt situation in Kenya is a threat to National Security.
Speaking during the Public debt management stakeholders forum in Nairobi, Kosgey said the growing public debt has become more serious, comparing it to a coup in ancient times.
“There is a new threat to peace, stability and prosperity. That threat is the growing public debt situation,”said Kosgey.
The legislator said the current government borrowing in Kenya was alarming.
“We currently spend over 70 per cent of the money we collect in taxes on debt repayments,”Kosgey pointed out.
He said the International Monetary Fund(IMF) has already issued a warning to Kenya about the debt situation.
“In their view Kenya is one of a number of countries that is likely to to suffer from debt distress and eventual default,”added Kosgey.
Kosgey has through a draft bill proposed that the National borrowing be capped at Sh6 trillion.
Kenya’s public debt has hit Sh5 trillion mark triggering caution from international credit agencies.