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{
    "id": 1119238,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1119238/?format=api",
    "text_counter": 315,
    "type": "speech",
    "speaker_name": "Sen. Kibiru",
    "speaker_title": "",
    "speaker": {
        "id": 13196,
        "legal_name": "Charles Reubenson Kibiru",
        "slug": "charles-reubenson-kibiru"
    },
    "content": "Madam Deputy Speaker, concerns have been raised on sustainability for Kenya’s debt stock. Presently, a number of key debt sustainability indicators have been breached, thus indicating vulnerability to fiscal shocks into the long-term. Coupled with low economic growth rate, like we all know because of other factors, Kenya’s debt stock is currently classified by the International Monetary Fund (IMF) as being at a high risk of debt distress. That means we are at the tip. So, if anything happens, it will be disastrous. That is the information that was provided by the stakeholders that we met, including the Governor of the Central Bank of Kenya (CBK), the Auditor-General, Controller of Budget, the Commission on Revenue Allocation (CRA) and the National Treasury. So, it is not information created by the committee. The public debt benchmark that is present value of debt to the Gross Domestic Product (GDP) ratio as defined by the IMF is at 55 per cent. Kenya’s public debt is at 62.4 per cent. Breaching of this threshold should be a concern for everyone especially the National Treasury which is mandated to ensure adherence to sound fiscal policies. Madam Deputy Speaker, unfortunately the people who are seated in front of us, we may not be the Cabinet Secretary or the National Treasury, but nobody convinced us that they can be able to handle the kind of crisis that we have. I think it is high time the National Government and the leadership looks for experts to come and save this situation. The other concern relates to contravention of Section 15(2)(c) of the PFM Act, 2012."
}