The Azimio Coalition, led by opposition leader Raila Odinga, is demanding transparency and accountability from the Kenya Kwanza administration due to concerns about suspicious borrowing activities.
The Azimio leader addressed this concerns in a press release on Tuesday, June 20. He pointed out several alarming aspects of the government's recent borrowing, which took place before the beginning of the new financial year.

He said that the Kenya Kwanza administration secured a staggering Sh213.4 billion from local financial institutions in a single day last week.

The Azimio leader said the timing of the borrowing is questionable, taking place a mere ten days before the commencement of the new fiscal year, set to begin on July 1, 2023.
Moreover, the borrowed funds were obtained at an exceptionally high interest rate of 15.84 percent.

Additionally, this single borrowing constitutes almost half of the total approved annual domestic borrowing of Sh438 billion for the year 2022-2023.

The Azimio Coalition Party has requested the Kenya Kwanza administration to provide clarification on several key concerns.

Firstly, the party demanded a detailed account of where the borrowed funds will be allocated, given the proximity to the new financial year.
Furthermore, the party questioned the necessity of such massive borrowing, merely days before the conclusion of the previous financial year and the subsequent beginning of a new one. The opposition leader raises doubts about the government's ability to absorb Ksh213.4 billion within such a short timeframe.

Odinga called on the administration to consider the possible effects of the sudden increase in borrowed funds on the country's financial stability. He expressed concern that the government obtained loans with a high interest rate of 16 percent, which could result in small businesses and individuals facing interest rates of 24 percent or higher.