Kenya is on the brink of being auctioned by creditors-Hon Alex Kosgei

mgwen MP Hon Alex Kosgei

Dear Kenyans,

Earlier today,as moral obligation to my generation and our common offspring,I joined KNCCI STAKEHOLDER FORUM ON PUBLIC DEBT MANAGEMENT at Intercontinental Hotel,Nairobi.{Read part of my speech,below}

Fellow Kenyans,I share these ideas in the hope that they will change the fortunes of my country.I share these thoughts partly to offer leadership out of our economic and political morass,and as a repayment for the opportunities that Kenya has offered me.

Today,I advise you to divorce emotions and political affiliations from our debt issue,if we are to do justice and truth to the topic.

The situation where Kenya's external debt has reached today is not a matter of semantics anymore.There is a whole difference between borrowing with capacity to pay and not to pay.Frankly speaking,when an individual borrows a loan and finds it impossible to service it and then negotiate with the bank for a top up loan,this is not a comfortable arrangement for the borrower.

The truth of the matter is, the country is broke and is on the brink of being auctioned by creditors who are demanding their money back. This is the naked truth.
It is worrying that the national debt stands at 57% of the Growth Domestic Product and it is sad that every new born baby owes the government Ksh 120,000.

One would have thought that when we are at the brink,we would see the big picture,be humbled by the reality and live up to our responsibilities.One would have thought that this reality would be the reason to bridge the gap between far-flung positions and to bring about solutions in the interest of Kenya.Unfortunately,we seem to have quickly forgotten this part of our course.We have continued to borrow only to waste the funds in projects that have little or no value for money and in some cases the funds not getting into the projects but diverted into private accounts.The idea that Kenya is the region's biggest economy may soon be a myth.

Fellow Kenyans,a transformed mind is not excused from fear,but it is stopped from being a victim of it.Simply put,a transformed mind prioritises transformation.What we need is not a normal mind that sees things from an eye level view,but one that can rise up above the noise,the clatter and identify possibilities,the way out of calamity and the way forward to advancement.

Fellow Kenyans,my bill to regulate  public borrowing is not enough.So keep the conversation going.Don't be silenced;Whether it be in the market,within a friend group or even on social media.Because that is exactly what they want.

Regards,
Hon Alex Kosgei