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{
    "id": 509217,
    "url": "http://info.mzalendo.com/api/v0.1/hansard/entries/509217/?format=api",
    "text_counter": 300,
    "type": "speech",
    "speaker_name": "Hon. Mulu",
    "speaker_title": "",
    "speaker": {
        "id": 1955,
        "legal_name": "Benson Makali Mulu",
        "slug": "benson-makali-mulu"
    },
    "content": "How are they going to raise the rest of the money because that is not mentioned anywhere here? It could have been prudent to raise this figure to Kshs.1.8 trillion. If they need the ceiling to be improved, they will come to us; we do the same. I have my own doubts. Early this year, this House authorized Treasury to do the Eurobond. One of the serious arguments which came to this House was that, by raising that Kshs.170 billion, interest rates in this country were to go down. Getting that money to this country was supposed to improve money supply which would have actually made our interest rates to be low. What has happened? As the Budget and Appropriations Committee, we have a document which says that when this money came to this country, it was used to pay debts which were incurred earlier. As a country, we are borrowing money to pay debts. Will this result to economic development which we are talking about? The answer is no. With that kind of experience from Treasury, I do not know how as a House, we can to trust Treasury 100 per cent. We need to have the benefit of the doubt. As we do this, we will not put our future generations into serious debt. I would hate a situation where, by the time my grandchild is being born, already that child is indebted to a tune of Kshs.10 million. That is why we are saying; we must oppose this thing and be serious with what we are saying. The other thing I want us to talk about is what is called signaling. If any investor comes to this country and sees that we are so much indebted as a country, the clear picture or the signal they get is that within a very short time, taxes will go up because debts must be paid. So, if I am investing in a country where taxes will go up, I am likely to be very cautious. If taxes go up, the demand for your product is likely to be affected The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}