Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1119231,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1119231/?format=api",
    "text_counter": 308,
    "type": "speech",
    "speaker_name": "Sen. Kibiru",
    "speaker_title": "",
    "speaker": {
        "id": 13196,
        "legal_name": "Charles Reubenson Kibiru",
        "slug": "charles-reubenson-kibiru"
    },
    "content": "The increase has been mostly caused by a persistent fiscal deficit or financing gap. In the FY2021/22 it is estimated to amount to Kshs252.9billion, which is the deficit. The deficit will have to be financed through borrowing and the resultant total public debt will rise to a further new level of Kshs8.663trillion. The total new public debt level is estimated to account for approximately 69 per cent of the GDP, indicating that up to 69 of all the country’s productivity will be utilized in the repayment of public debt. That means that if we continue with that trend, the debt will account for 96 per cent of the Kshs9 trillion that had been approved. It seems as if we have already hit the Kshs9 trillion debt ceiling set by the Public Finance Management (PFM) Act. We will be left with about 4 per cent that we can play with, which is Kshs337 billion. It is very clear that this will not be sufficient to finance the FY2022/23 Budget. As we saw, the fiscal deficit is almost getting to Kshs1 trillion."
}