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{
    "id": 1077114,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1077114/?format=api",
    "text_counter": 320,
    "type": "speech",
    "speaker_name": "Kiharu, JP",
    "speaker_title": "Hon. Ndindi Nyoro",
    "speaker": {
        "id": 13370,
        "legal_name": "Samson Ndindi Nyoro",
        "slug": "samson-ndindi-nyoro"
    },
    "content": "We have to know and actually talk about it because many times you hear the so-called experts from the Executive, who are promoters of their ideologies in this House, talk about other countries’ borrowings and, of course, give the examples of Japan and the USA, which are in excess of what we have borrowed in terms of debt to GDP ratio. However, there are some issues that we do not dig to find out. For example, when you talk about Japan, almost her entire debts are actually borrowed domestically – they are not domestic in terms of crowding out the private sector from the banking sector – from Japanese funds that are equivalent to our National Social Security Fund (NSSF) and the National Health Insurance Fund (NHIF). Any interest that accrues from that debt goes into helping those funds, which belong to the Japanese people. Also there is something called netting-off. Using the same example of Japan and contrasting it with Kenya, the only debt that is reported is the gross debt or the debt that has been borrowed by Japan domestically. We do not net-off the money that is lent by Japan to other 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."
}