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{
    "id": 1078715,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1078715/?format=api",
    "text_counter": 237,
    "type": "speech",
    "speaker_name": "Kiminini, FORD-K",
    "speaker_title": "Hon. (Dr.) Chris Wamalwa",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "Will we increase the debt ceiling from Kshs9 trillion to Kshs12 trillion? We were told that we have a debt of almost Kshs8.4 trillion. That means that we only have a shortage of Kshs600 billion. We want to pass the Budget Estimates that have the deficit of Kshs950 billion. We must borrow money carefully. Let us not have an ambitious Budget that we cannot fund. Let us have the key priority projects only. During President Kibaki’s tenure, we did not borrow 50 per cent of the Gross Domestic Product (GDP). His Minister for Finance is here. As we speak right now, we have borrowed more than 70 per cent of the GDP. The rule of thumb in growing democracies like in Kenya is that you borrow at least 50 per cent of the GDP. We have seen many other advanced countries which borrow 100 per cent of the GDP. However, we are not yet there. Let us borrow money wisely. A lot of money is borrowed in this country but we have a problem of corruption. There was a Report which was here in Parliament that stated that 30 per cent of the GDP goes to wastages through corruption."
}