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{
    "id": 102812,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/102812/?format=api",
    "text_counter": 209,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Kshs30 billion was lying somewhere in Central Bank of Kenya unutilized when we are nearly coming to the close of the financial year. We would want to know which Ministries and departments have no capacity to utilize the resources they have been allocated by Parliament. If you look at the current Budget, we already have a budgetary deficit of not less than Kshs230 billion which is going to be raised either locally or externally and will attract very huge interests. So it is very unfair that we can be having money lying in our banks when we are borrowing from outside, where we shall pay with interest and our children and our people continue to suffer under the burden of this lack of co-ordination. Talking about debts, I know the Deputy Prime Minister and Minister for Finance will tell us that the Budget, which we must commend, was hailed by various quarters and we have no problem with it. The only problem we have is about the deficit and the question of public debts. We are seeing a trend where the Government does not appear to be committed towards reducing further consecutively what debts this country inherits or creates moving forward. In 2005, if I may just give some figures, our public domestic debts measured 18.3 percent as compared to 28.4 percent in 2009. That has continued to rise and is set to rise with the current Budget. Mr. Temporary Deputy Speaker, Sir, you remember even though in the Financial Year 2009/2010, the budget deficit was Kshs109 billion, we still rushed to the local market and borrowed a further Kshs15 billion making it a whooping Kshs124 billion from local sources. This does not auger well for local investors and businesses. We want the Deputy Prime Minister and Minister for Finance to seriously address the terms of borrowing. Whether they are new, local or foreign, these should be brought to this House and to be able to advise on behalf of the country. We want to have reliable information, accurate records and the same needs to be publicised as necessary so that the monitoring of this debt burden we are creating for future generations is done appropriately by hon. Members. Mr. Temporary Deputy Speaker, Sir, it may as well be good for us to note that the total public debts as of now equals Kshs1.19 trillion. This is more than our budget for one year. The budget currently is estimated at around Kshs998 billion, nearly Kshs1 trillion. When you compare this with what we owe foreign governments, multinationals, foreign bilateral agencies and financial institutions as well as local lenders, we have a whooping public debt. We need to ask ourselves: Is this sustainable and for how long? We need to come up with a debt management policy that ensures that future generations as well as current consumers do not continue to feel like decisions were made because they had to be made and those people who recommended what monies were to be spent did not care much because it is easy to spend public money. It does not feel like it is coming from somebody, but at the end of the day, the same public money comes from somebody’s pockets. That single individual may have been saved the anguish of having to produce more as he or she purchases the goods. I also want to state that we are going to be asked to approve taxation measures to enable the Deputy Prime Minister and Minister for Finance to raise money from various sources. I want to commend the Deputy Prime Minister and Minister for Finance because this Budget appears like it had a heart for the low income earner. When you look at the sources of the ordinary revenue, you will find at least for the 2009/2010 Financial Year, revenues were sought in rising order; Import Duty 7 percent, Excise Duty, 13"
}