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{
    "id": 1173431,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1173431/?format=api",
    "text_counter": 176,
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    "speaker_name": "",
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    "speaker": null,
    "content": "Thank you, Hon. Speaker, for this opportunity to comment on this very important subject on public debt. Before I proceed, I wonder why Hon. Ichung’wah is so emotional. Unlike him, I refuse to be emotional. Hon. Speaker, let me proceed. Protect me from Hon. Baya. I have the advantage of having been the Chairperson of the Public Accounts Committee. This is a matter that we have pronounced ourselves on. The last report we tabled, which was the 2018/2019 Report, was adopted last week. I have two issues. First, is the matter of the record of public debt. This is an issue that we keep haggling around on. If I may just remind the House, our Report recommended that we amend Section 64(2) of the Public Finance Management Act to make it obligatory for the National Treasury to prepare, publish and publicise an up-to-date National Debt Register during every quarter of the financial year. This is because we have had conflicting stories of how much the public debt is at any given moment. That is an issue that needs to be addressed. Second, is the matter of borrowing. Because of the time it takes to process Bills, our Committee’s amendment has not been passed even as we prepare to adjourn. We had proposed an amendment to Section 50 of the Public Finance Management Act to make it mandatory for the Executive or the National Treasury to come before this House any time they want to commit the country to a debt burden of Kshs1 billion and above, so that this House gives the final seal of approval for any debt agreement entered into by the Kenyan Government and donors and lenders. We hope that in the fullness of time, even for those of us who might be lucky to come back in the next Parliament, this amendment will go through, so that we do not leave this matter of committing the public to borrowing exclusively in the hands of the Executive or the National Treasury. This House should play an oversight role right from the outset. Having said that, I agree with Hon. Ichung’wah on one account that debt per se is not a bad thing. That was elaborated at length by the Leader of the Majority Party a while ago. The most The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}