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Chinese infra projects in Kenya are viable : Official
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IANS | 02 Dec, 2020
Chinese infrastructure projects being undertaken in Kenya are viable
because they will have a positive effect on the economy, a senior
government official said.
Ukur Yatani, Cabinet Secretary of
National Treasury and Planning on Tuesday told the parliamentary
committee on finance and national planning that the Chinese have
undertaken and financed major road and rail projects that have eased
transportation of people and goods across the country, Xinhua reported.
"The
rate of completion of the projects has been fast and they also have a
long-term effect on the economy which is very good," Yatani said.
He
noted that on average the interest rate for Chinese loans to Kenya is
three percent per year which is below the commercial lending rates in
the country.
"There is a perception that we are getting loans from foreign governments at very high rates," Yatani noted.
He
added that it is standard practice for governments to borrow in order
to fund projects that will result in faster economic development.
He
added that Kenya has maintained public debt that is below the
international debt sustainability threshold. "We are therefore not
seeking postponement or forgiveness of debt because we are not facing
any difficulty in repaying the loans," he revealed.
He observed that the east African nation is keen to avoid the negative consequences of defaulting on loans received.
According
to the Treasury, the government is also keen to restructure the
state-owned enterprises that are a financial burden to taxpayers.
"Over
time we have created many state enterprises that have led to
duplication of functions and so some will be merged or dissolved,"
Yatani said.
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