President Uhuru Kenyatta on Thursday embarked on an ambitious campaign where he called on foreign countries to cancel the debt owed to them by African governments.
Uhuru starts campaign to have foreign debts cancelled due to Covid19 crisis
Kenya's public debt currently stands at Sh5.1 trillion
President Uhuru Kenyatta starts campaign to have foreign debts owed by African nations cancelled due to Covid19 crisis
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President Kenyatta made the proposal at State House, Nairobi, during a virtual conference of European and African leaders on the proposed establishment of the Africa-Mediterranean-Europe (AME) Foundation.
He added that the move would go a long way in facilitating the relationship between the European Union and African nations such as Kenya.
Most EU member countries are developed countries that have extended huge amounts of foreign loans to the African countries.
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The setting up of AME Foundation as a platform to enhance development discourse and interactions between Africa, the Mediterranean and Europe is being championed by the Former President of the European Commission Jean-Claude Juncker.
President Kenyatta's administration has been criticized over its appetite for loans which has seen Kenya's public debt rise to over Sh5 trillion up from Sh1.8 trillion when the current President took over from Mwai Kibaki.
Much of the public debt is owed to China while the rest comprises of commercial and guaranteed debt.
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