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{
    "id": 1119308,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1119308/?format=api",
    "text_counter": 385,
    "type": "speech",
    "speaker_name": "Sen. Cherargei",
    "speaker_title": "",
    "speaker": {
        "id": 13217,
        "legal_name": "Cherarkey K Samson",
        "slug": "cherarkey-k-samson"
    },
    "content": "For the last so many years, we have a deficit budget that needs to be financed through borrowing. There are commercial loans, internal and external, borrowing and foreign bonds. There is the issue of bonds that has always generated interest and a lot of issues when it is being floated across there. It has also been a challenge. If we do not have a legislative proposal or guidance that is already there, it cannot be well for the country in terms of economy. Madam Temporary Speaker, it is unfortunate that as we talk, I have seen the recommendation of the committee that the Auditor General should do a special audit. Unlike the commercial loans, as a country and Parliament, these are the reports that should be presented. In fact, the Auditor General should have done a special audit to ascertain how much these commercial loans are. As at now, the Committee, National Treasury - the people in charge of the Executive - cannot tell the country that the commercial loans that are being owed until we order a special audit. I hope that this special audit can be done as soon as possible. In case the National Treasury requires that we raise the public debt borrowing from current Kshs7.7 trillion to Kshs12 trillion, then we can agree, but after looking at those reports from the special audit. Madam Temporary Speaker, Article 201 of the Constitution on the principles of public finance says- “(d) the burdens and benefits of use of resources and public borrowing shall be shared equitably between present and future generations.” Unfortunately, the debt that is there, the current generation we have borrowed from the future generation, posterity that is yet to be born. The pain of repaying the public debt that stands at Kshs7.7 trillion has been borrowed already from the future. We must be careful with the borrowing. The public money shall be used in a prudent and responsible way. It is very unfortunate that it can be borrowed, but we cannot get the value for money that we have as a country."
}