COTU boss Francis Atwoli calls out Ruto administration for irresponsible borrowing from IMF and World Bank.
The Central Organisation of Trade Unions (COTU) Secretary General Francis Atwoli has criticized the government for what he describes as reckless borrowing, claiming it is driving the nation deeper into debt.
Atwoli urged the government to look for other lenders and development partners, claiming that Kenyans are suffering because of the terms of loans from the World Bank and the International Monetary Fund (IMF).
“We must also ask our economists to appropriately advise the government that over-borrowing is dangerous. When people are highly taxed they resort to engaging in black market tactics like PayBills are no longer being used in Kenya. How will the government realize revenue to run it? It must review that area of taxation,” he urged.
In addition, the COTU boss warned the Kenya Kwanza government over the deprecation of the Kenyan shilling against the dollar.
Atwoli accused the Central Bank of Kenya (CBK) of collaborating with the lenders to intentionally devalue the Kenya Shilling, further driving the cost of living to astronomical levels.
He asked Treasury Cabinet Secretary Njuguna Ndung’u and the Central Bank Of Kenya (CBK) Governor Kamau Thugge to stop the fall of the Kenyan shilling.
The trade unionist warned that if the shilling continues to fall the price of basic commodities will go up and Kenyans will turn against the government and cause havoc in the country.
“You have seen the depreciation of our shilling, this is not a good thing, to us as labor leaders. We are asking the Governor of the Central Bank of Kenya together with the Treasury Cabinet Secretary to put a stop in the depreciation of our shilling. It doesn’t reflect the actual economic activities in the ground unless if they are answering to the World Bank and the IMF,” said Atwoli.
He added, “This will be dangerous because when the shilling deprecates the way it is going everything will go up and the general public will stand up against the government and it will cause havoc, chaos, and confusion and we will not have a government.”
The Kenyan shilling is currently exchanging at 166.5 against the dollar.