Kimilili Member of Parliament Didmus Wekesa has written to the clerk of the National Assembly, seeking approval for the removal of the Treasury Cabinet Secretary Henry Rotich in what he says he has failed in his duties.
In the motion tabled to the Clerk yesterday, the MP accuses Rotich of poor implementation of the law capping interests, which became operational in September 2016.
“For the few who have been able to access credits during the operation of the interest rate cap, they find themselves unable to meet their obligation in time because of a poor performing economy under Mr Rotich’s leadership; many Kenyans have now been registered at credit reference bureaus,” argues Wekesa.
The Mp further says that the caps were meant to create obscene profits for cartels operating in the financial sector.
The legislator also accuses Rotich of over borrowing, which he terms as legendary and has crippled the economy. He accuses the CS of going for external commercial loans instead of concessional loans.
“One wonders why Mr Rotich would go for commercial debt instead of concessional debt. This appetite for commercial debt has created pressure on governments liquidity and therefore ability to repay arising liabilities,” says Wekesa.
Kenya’s public debt to GDP is estimated at 56.2 per cent in 2017, rising from 44 percent five years ago, and 38.4 10 years ago.
In the notice, Barasa says the government will use about 40.3 per cent of its revenue from tax collection to finance debt payments in the 2017/18 financial year.
The MP further states that Rotich should be held personally responsible for the importation of excess contraband sugar.
He argues that the CS, in a gazette notice, authorised all and sundry to import sugar without an upper ceiling.
“His notice did not prescribe specific conditions on quantity nor quality of the sugar to be imported,” Barasa states.
The National Assembly received the motion paper on Wednesday and is yet to slot it for a plenary discussion to gauge if it fits the bill.
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