MPs warn against growing national debt

Thursday April 08 2021
debt pic
By Sharon Sauwa

Dodoma. The Parliamentary Budget Committee has said thenational debt has reached  Sh59 trillion (December 2020) an increase of 7.6 percent.

This was stated today Thursday, April 8 2021 by the Chairman of the committee Sillo Baran while presenting to parliament the committee's views on the Third Five-Year National Development Plan (2021/22 to 2025/26)

He said out of that amount the domestic debt was Sh16.2 trillion whereas the  external debt stood at Sh42.8 trillion.

“The increase in debt is due to borrowing to finance various development projects. However, the Committee recommends that all loans be directed to the completion of development projects, especially strategic ones that have been established to be completed on time instead of starting new projects, ”he said

In addition, he advised that during the Third Plan, the Government should continue to evaluate all indicators of debt resilience to see if they continue to meet  internationally recognized standards so that the National Debt remains stable in the short, medium and long term for all key indicators. .