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{
    "id": 1119296,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1119296/?format=api",
    "text_counter": 373,
    "type": "speech",
    "speaker_name": "Sen. Cheruiyot",
    "speaker_title": "",
    "speaker": {
        "id": 13165,
        "legal_name": "Aaron Kipkirui Cheruiyot",
        "slug": "aaron-cheruiyot"
    },
    "content": "need to read through these agreements, comb it and understand. What was the agreement and at what percentage? Did anyone benefit unduly? That is at least for what is behind us. Madam Temporary Speaker, however, we have got to handle this problem by thinking about the Kshs9 trillion that is behind us. What is it that we have got to do in the future? The truth of the matter is that where we are, it is not possible to say that we shall stop all borrowing because even the revenue that we are generating internally as a country cannot run our operations as a country. Forget about paying debt. You know those are international obligations, which we must meet. We must come up with a checklist and put it in the public finance management laws of our Republic. What documents does any lender, and it should not just be the signature if the Cabinet Secretary (CS) for National Treasury because you are doing business with 47 million Kenyans. There should be other checks. Madam Temporary Speaker, first, institutions such as the Controller of Budget is an independent office. We need to ensure that there are documents that they approve, check and satisfy themselves that this one has met those conditions. Secondly, the Auditor General must check and read through the records. The Attorney General should check on the legal soundness of some of these agreements. You remember when we were debating the issue of debt here, we were told how some if these agreements that we have entered into are so lopsided. If we were to get a windfall for whatever reason, for example, if the Government of Kenya was to sell shares in some of these lucrative parastatals, so that we free ourselves from these debts, we cannot even pay ahead of time. They want you to pay for longer, so that you pay more. What kind of agreements are these that we are singing? The Attorney General is an important office that we must include in some of the checklists. Lastly, Parliament is the gathering of the people of Kenya. Therefore, we must satisfy ourselves. Where Kenya has reached because of this trying to make ease of borrowing as a way of doing business for Government of Kenya, we find ourselves where we are. I do not see why we do not want to make it easy for them to lend us. Let it come to Parliament so that the Committee on Finance and Budget in both Houses can be notified. As a Committee, they approve the same way we approve all regulations that come to Parliament. If we approve regulations that manage different sectors, how difficult is it to demand that at least for many of these borrowings that we are undertaking, let the people of Kenya through their representatives at least have a say. This is so that you come back to your colleagues and tell them this is the reason we are borrowing, and these are the conditions. Madam Temporary Speaker, finally, as a country, we must also consider non- debt financing options for many of these projects that we are undertaking. Unfortunately, that remains to be the only option. Somebody asked - I do not know who. I think it was Sen. Mutula Kilonzo Jnr. while speaking earlier. He asked that even for these gentlemen and ladies that are running to be President, they are running to manage what? Out of simple mathematics, a collection of Kshs1.6 trillion, you have already more than Kshs1.1 trillion going to debt non-negotiable with you. You are left with Kshs500 billion. You have not funded counties nor done any development. You have not met recurrent expenditure of more than Kshs600 billion."
}