Senators on Wednesday afternoon approved the adjustment of the National Assembly-backed revised borrowing ceiling to Ksh.9 trillion.
The approval by the Senate follows a vote on the motion on Wednesday afternoon with the proposed revision garnering the support of 30 of the 47 senators.
Out of the 37 senators present, only seven voted against the motion.
They are Mutula Kilonzo Jr (Makueni), Moses Wetangula (Bungoma), Boniface Kabaka (Machakos), Enock Wambua (Kitui), Samson Cherargei, Aaron Cheruiyot (Kericho) ,Mithika Linturi (Meru)
The new Ksh.9 trillion borrowing ceiling is expected to be anchored in law, replacing the current threshold of debt in net present value (NPV) at no more than 50 percent of Gross Domestic Product (GDP) as outlined in the Public Finance Management Act of 2012.
The vote also serves to unlock an estimated Ksh.421 billion in program loans support from both multi-lateral and bilateral partners whose signing was pegged on the allowance of further lending by government.
Among the projects lined up for new loans support include the construction of the Mombasa Gate Bridge and Konza City.Do you have any story you would like to share? Email us at firstname.lastname@example.org and we will publish it. You can also contact us at email@example.com