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{
    "id": 1119234,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1119234/?format=api",
    "text_counter": 311,
    "type": "speech",
    "speaker_name": "Sen. Kibiru",
    "speaker_title": "",
    "speaker": {
        "id": 13196,
        "legal_name": "Charles Reubenson Kibiru",
        "slug": "charles-reubenson-kibiru"
    },
    "content": "The external debt amounts to Kshs4.015 trillion, accounting for 52 per cent of total debt stock. This comprises bilateral debt at 28 per cent, multilateral debt at 41 per cent, and commercial debt at 30 per cent. I believe the commercial debt includes the infamous Eurobonds. The key creditors, who together account for 77 per cent of external debt are China at 19 per cent, International Development Association (World Bank Group) at 27 per cent and sovereign bond holders and commercial banks at 30 per cent. Madam Deputy Speaker, the accumulation of public debt has resulted in the increase in debt servicing expenditure, given that they are mandatory expenditures. That is what we call first charge to the Consolidated Fund. Debt servicing expenditure negatively impacts the fiscal space by firstly decreasing the resources available for other budgetary expenditures, and secondly creating general budgetary inflexibility. That is capacity of fiscal policy to respond to economic shocks. For example, the economic shocks we had when COVID-19 pandemic came. In FY 2021/2022, which is the current financial year, debt servicing expenditure will amount to Kshs1.17 trillion and will account for 66 per cent of ordinary revenues worth Kshs1.77 trillion. As such, we only have less than 30 per"
}