Nandi Senator Samson Cherangei has defended President William Ruto's move to borrow Ksh 55 Billion Loan from International MonetaryFund.While approving the Loan, IMF said that Kenya had made progress on fiscal consolidation as tax performance improves and public debt begins to level off.
This is the fourth disbursement of Ksh 255 billion loan borrowed from IMF by former President Uhuru Kenyatta.
Currently, Kenya owes IMF a total of Ksh 297.6 billion.
While the approval was faced with a lot of backslashes, Nandi Senator Samson Cherangany defended Ruto's borrowing saying that he met an economy with a budget that was deficit.
According to him former President Uhuru Kenyatta and Opposition leader Raila Odinga famous handshake left the economy of Kenya crumbling after they allegedly used the country's resources in financing Azimio-OKA campaigns.
Cherangany pointed out that Ruto is trying to stabilise the economy and therefore he is expected to use the borrowed money in economy recovery and stabilisation.
To him, he believes that Ruto is going to revolutionise the country's economy.
"Uhuru/Handshake Budget was a DEFICIT needs heavy borrowing to finance it. IMF loan will be use to spur economic recovery/stabilisation left in tatters by Uhuru/Handshake govt which also funded Azimio-OKA Presidential campaigns 2022. H.E Ruto govt will revolutionise economy," Cherangany said.
The loan is expected to be paid within a span of 38-months.