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{
    "id": 102947,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/102947/?format=api",
    "text_counter": 90,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Mr. Speaker, Sir, after providing for Kshs2 billion Contingency Fund, the overall expenditure in Financial Year 2010/2011amounts to Kshs998.8 billion, inclusive of domestic debt redemption of Kshs62.5 billion and external debt redemption of Kshs20.5 billion, with total expected receipts of Kshs831.6 billion, including loans and grants. The overall deficit amounts to Kshs167.2 billion as indicated in the Financial Statement circulated to hon. Members. However, excluding the domestic debt rollover and external redemptions of Kshs61.4 billion and Kshs20.5 billion, respectively, while at the same time reflecting external financing in a more acceptable international standard practice, the total expenditure will amount to Kshs916, giving rise to an overall deficit of Kshs188 billion or 6.8 per cent of GDP. This will be financed by net foreign financing of Kshs82.7 billion and Kshs105.3 billion borrowing from the domestic market. This means that the Fiscal Framework for 2010/2011 is fully financed and, indeed, there is no financing gap. Mr. Speaker, Sir, the rest of my speech outlines various tax measures I intend to introduce through the Finance Bill, 2010, and other regulations to be tabled in this House toward accelerating economic recovery, job creation and poverty reduction. Therefore, I request that the remainder of this speech be regarded as a Notice of Motion to be moved before the Committee of Ways and Means."
}