Senate Majority Leader Kipchumba Murkomen has supported the move by State to raise debt ceiling.
Addressing the House, Senator Murkomen said the increase of the debt ceiling to Sh9 trillion is neither wrong nor a bad thing.
“Many of the people who have misgivings with the approval of this proposal Mr Speaker is about management,”said Murkomen.
He said a loan, amounting to about Sh2.8 trillion, was borrowed locally with an interest rate of 10 percent and increasing the ceiling would lead to the restructuring of the country’s debt by borrowing multilateral check-off loans with cheaper interest rates.
“We should be able to open the ceiling to give an opportunity to the Treasury to restructure our debt,”said Murkomen.
According to the Senator the loans should just be utilized in mega projects that will help generations to come.
The lawmaker however demanded that the loans and grants should be used in funding projects equitably across the country.
He further asked that the Senate be given resources in order for them to effectively carry out their oversight role.