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{
    "id": 1176067,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1176067/?format=api",
    "text_counter": 73,
    "type": "speech",
    "speaker_name": "His Excellency the President",
    "speaker_title": "",
    "speaker": {
        "id": 168,
        "legal_name": "Uhuru Muigai Kenyatta",
        "slug": "uhuru-kenyatta"
    },
    "content": "Hon. Speakers and Hon. Members, I have news and it is not very good news. Our financial situation is not very good. For Kenya to grow to an upper income country, we need to invest at least 25 per cent of our Gross Domestic Product (GDP). Our current national savings is below 10 per cent of our GDP which translates to an investment-savings deficit of 15 per cent of our GDP. Over the last decade, we have sought to close this gap with public borrowing. This year alone, we budgeted to borrow Kshs900 billion to finance both development and recurrent expenditure. You are all aware that our total collection is Kshs2.1 trillion which is only enough to pay debts and salaries. The Government should never borrow to finance recurrent expenditure. It is not right, prudent or sustainable. It is simply wrong. We must bring ourselves and our country to sanity. Over the next three years, we must revise this and go back to the situation where Government contributes to the national saving efforts by keeping recurrent expenditure below revenue. To this end, I have instructed the National Treasury to work with Ministries to find at least Kshs300 billion in this year’s Budget, so that we can remove it because the market cannot sustain the kind of borrowing we are doing as a Government."
}