Without loans, SGR and Thika Super Highway could not have been developed, Joshua Kutuny Tuko.co.ke


– Cherangany MP Joshua Kutuny urged Kenyans to trust President Uhuru Kenyatta’s administration

– His remarks came after more than 120,000 Kenyans signed a petition asking the International Monetary Fund (IMF) to cancel a KSh 255 billion loan to the country

– Rabid citizens wanted multibillion dollar loan scrapped for alleged massive corruption in government

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Cherangany MP Joshua Kutuny defended the Jubilee administration’s great appetite for expensive business loans amid high taxation.

Cherangany MP Joshua Kutuny said the loans were good for the country’s development. Photo: Josué Kutuny.
Source: Facebook

In a statement released on Tuesday April 5, the ruling party’s deputy secretary general said Kenya could not have developed if it had not borrowed.

“We cannot run away from the facts, and I say with confidence that without loans such beneficial projects as the Standard Gauge Railway (SGR), the Thika Highway, among other projects, could not have been developed. . Let us trust the process under our able chairman, His Excellency Uhuru Kenyatta, ”the lawmaker said.

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Kenyans ask IMF to cancel multibillion loan

Kutuny’s remarks came after more than 120,000 Kenyans signed a petition calling on the International Monetary Fund (IMF) to cancel a KSh 255 billion loan to the country.

Rabid citizens wanted the multibillion dollar loan to be scrapped due to alleged massive corruption in government.

Led by one Jefferson Murrey, worried Kenyans wondered why President Uhuru Kenyatta’s administration wanted to borrow when the state couldn’t account for the funds.

Other Kenyans noted that the Jubilee government spent money on “white elephant” projects such as SGR which had no return on investment.

The losses of SGR

The SGR, launched on June 1, 2017, is Kenya’s largest and most expensive infrastructure project since independence and has swallowed up more than KSh 300 billion.

However, the Chinese-built railway fell short of its expectations and suffered year after year losses.

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While the government was optimistic that it would transform the country and rake in billions in revenue, it recorded a loss of KSh 21.6 billion in the three years leading up to May 2020.

Some economists such as David Ndii had insisted that the project was not economically viable from the start and would only cost taxpayers more money in the future.

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Source: Tuko

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