Baringo County Senator Gideon Moi has backed the move by the National Government to increase its debt ceiling to Sh9 trillion.
According to the legislator, if the ceiling is not increased to allow borrowing, the country stares at an economic meltdown.
Senator Moi said the country was currently with no resources to even complete existing projects.
“We have to face the fact, we do not have funds to complete existing projects and funds to continue any meaningful economic projects,”said Moi.
He however said the rate at which the government has been borrowing is unsustainable.
“At the rate we are going, it will be impossible to conduct any meaningful economic activity,”said Moi.
The lawmaker said it was prudent for the State to retire extremely expensive commercial loans and borrow cheaper loans.
“If you do not have any wriggle room what do you do? The loans that we have are extremely expensive, they are commercial loans. It is prudent that we retire the expensive commercial and get cheaper sustainable loans. That is a fact,” said Moi.
Bungoma Senator Moses Wetangula had earlier mocked Senator Moi for being present and sitting patiently in the chamber during the debate on revising the debt ceiling.
When Senate Deputy Speaker Kithure Kindiki asked if Senator Moi can’t sit in the chamber for a whole afternoon, Wetangula said he had shown extreme patience on this particular case.
“I am very impressed he has sat in the chamber the whole afternoon. He normally doesn’t have that extreme patience,”said Wetangula amid laughter.