In a statement on Friday, Wainaina asked the creditors to initiate a comprehensive independent audit of the country’s domestic, foreign, concessional and commercial debts. “While independent debt audit is proceeding, development partners supporting specific essential service sectors can continue with support to those sectors,” he said. He wants the government to consider entering into part of the bonds and loans debt restructuring negotiations for a minimum period of five years. “It is no longer tenable to rely only on fiscal adjustments with supplementing funding from IMF and World Bank,” he said. Crucial debt sustainability indicators including debt service to revenue ratio and debt to GDP ratio are deeply troubling.
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