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{
    "id": 1060114,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1060114/?format=api",
    "text_counter": 255,
    "type": "speech",
    "speaker_name": "Kitui Central, WDM-K",
    "speaker_title": "Hon. (Dr.) Makali Mulu",
    "speaker": {
        "id": 1955,
        "legal_name": "Benson Makali Mulu",
        "slug": "benson-makali-mulu"
    },
    "content": "Public debt is an issue we have to live with. The currency in which our debt is denominated has now become an issue of concern. The Kenya Shilling keeps on depreciating and, as a result of the depreciation, the loans, without anything changing, become more expensive in terms of repayment. That is why in the Supplementary Budget, we have to keep on providing additional resources to factor in the fluctuating exchange rate. I wish there is a way we could denominate our public and foreign debt in a currency like the Kenyan Shilling so that as we negotiate, we push for a situation where the denomination is Kenyan Shilling so that issues to do with exchange rate do not affect us. This year has been worse, looking at the demand for the US Dollar in the world because of what is happening all over the place. The exchange rate has contributed to a big portion in these changes. These are some of the things which, as we approve the Supplementary Budget and this Bill to become an Act of Parliament, we cannot ignore as a House. The House needs to be more thorough and alert so that, as we approach the future, we start narrowing our budgeting process to areas where we enhance growth in this country."
}