Busia Senator Okiya Omtatah is once again calling for the full public audit of Kenya’s external debt, to determine which loans were acquired legally and which were fraudulent and/or unconstitutional.
The senator maintains his previous stance that Kenyans are suffering from economic hardship, high taxation, and dwindling public resources, all in the name of repaying debts that never served their interests.
As of July 2024, Kenya’s public debt stood at approximately KSh10.6 trillion, with Senator Omtatah regretting that these loans — ostensibly taken for national development — have instead been used to enrich a few corrupt individuals at the expense of millions of hardworking Kenyans.
“It is time we ask: Why should the citizens of Kenya (The sovereign) bear the burden of repaying loans that were never intended to benefit them? Why should those who facilitated these loans, only to siphon public funds into their private offshore accounts; walk free while the people struggle under oppressive economic conditions?” Senator Omtatah poses, indicating that he will be heading to the courts to ensure this is achieved.
‘IMF, World Bank at fault too’
The lawmaker is also faulting international financial institutions like the International Monetary Fund (IMF) and the World Bank, whom he accuses of continuing to issue loans to Kenya and other developing countries, despite glaring evidence of corruption and mismanagement of the said loans by leaders of these nations.
“These institutions cannot feign ignorance,” he says. “Wire transfers leave digital trails. The looted money was laundered into known tax havens, and global intelligence agencies were fully aware of these transactions. Yet, loans were granted without due diligence, largely for political and financial gain, and often in direct violation of Kenya’s constitutional and legal requirements.”
Breaking the law
Article 211 of the Constitution and Section 50 of the Public Finance Management Act, 2012, dictates that all external borrowing requires parliamentary approval. Yet, according to Senator Omtatah, successive regimes have sidestepped this legal requirement, indebting the nation without transparency or accountability.
Omtatah is now calling for the prosecution of individuals and institutions responsible for acquiring, facilitating, and looting these public loans, as well as the recovery of stolen funds stashed in offshore accounts, with the money redirected towards national development.
Additionally, the Senator wants the country to develop a legal framework to prevent future reckless borrowing by subsequent governments, as well as ensuring full parliamentary oversight and public participation in debt management.
“This matter is not just about past injustices, it is about securing Kenya’s future. We will not allow future generations to be enslaved by debt accumulated through corruption and impunity. The looters must return what they took, and those who enabled these financial crimes must be held accountable.”
