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{
    "id": 1169618,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1169618/?format=api",
    "text_counter": 247,
    "type": "speech",
    "speaker_name": "Sen. (Dr.) Musuruve",
    "speaker_title": "",
    "speaker": {
        "id": 13188,
        "legal_name": "Getrude Musuruve Inimah",
        "slug": "getrude-musuruve-inimah"
    },
    "content": "If you have a mega project, it becomes easy to have a collateral even from a bank to continue with it. What I mean is that the debt ceiling for Kenya is high. If it continues to be high, chances of having investors coming to our country would be easy. Madam Temporary Speaker, when it comes to public debt, we should not go beyond Kshs10 trillion. There is need to have mechanisms in place to ensure that public debts are repaid. Proper strategies should be put in place to ensure that big loans are repaid because they attract huge interests. Management of repaying debts is also important. If loans are just taken without a proper strategy of repaying them, then it becomes a harrowing experience. We have to remember that when it comes to paying public debts, the commonman feels the pinch because they are paid using our taxes. That means that if a debt is too huge, taxes go up. It is clear that Kenya is one of the countries globally with very high taxes. Kenyans are feeling it. If the debt ceiling is high, we must put in place strategy that will make it possible for us to ensure that we have a sustainable way of paying off the debts. Madam Temporary Speaker, when taking loans, there are many things to put into consideration. For instance, the risk of having debts. Apart from the risk, there is also the risk of repaying and failure to repay debts. If debts are not repaid, there are consequences which may not be good for the country. Even as the Committee recommends the Kshs10 trillion debt ceiling, there is need to propose that debts must be paid in such a way that the common man is not affected adversely because we are fully aware that unusual circumstances happen like COVID-19. No one knew that COVID-19 pandemic was going to even reach Kenya and even have negative impacts on us. In as much as I support this Motion, my proposition is that there is need to look at the beginning and the end of the debt, so that there is a sustainable way of repaying it without harshly affecting the common wananchi. All of us feel the heat of high taxes and repaying debts. Madam Temporary Speaker, those are my thoughts on this Motion. I support."
}