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{
    "id": 1213930,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1213930/?format=api",
    "text_counter": 301,
    "type": "speech",
    "speaker_name": "Masinga, Independent",
    "speaker_title": "Hon. Joshua Mwalyo",
    "speaker": null,
    "content": " Thank you very much Hon. Temporary Speaker. I rise to support the Report of the Select Committee on Public Debt and Privatization, and I want to say the following. First, the debt which the country has accrued is hurting everybody, and the survey that was done a while back revealed that everybody in Kenya has a debt of Kshs130,000, including the unborn child in their mothers’ womb. This is a very serious thing, and the debt continues to accrue interest that we are trying to pay and yet, we have insufficient funds to pay. If it was possible, we should look for a different method of dealing with debt because it might put us in a situation whereby some of the properties in the country can be seized to pay the debt, which will be a shame for this country. Secondly, another practice by the Government is to give projects without money, giving tenders and even awarding them without keeping the money in a safe place so that it is not touched and is re-invested. Once the European Union or the United States Agency for International Development (USAID) give us the money, they normally ring-fence it so that you cannot withdraw or touch it until that project is done. That could help us. However, jobs are usually dished out and road projects given out through roadside declarations. You come to my place and say that you have given funds to the Member of Parliament to tarmac a road and yet, it is not in the budget. Those are the things that normally increase the debt in this country. Something which should again be avoided is borrowing money for projects which cannot give returns. You engage in a project which can never pay itself back. It is like a white elephant. The Government has a habit of doing that. They start projects which they stop midway and yet, the money has already been used and most of the project has been done. An example is the Kenya Industrial Research and Development Institute (KIRDI) in Industrial Area, which was started almost 10 years ago. Money was paid to the contractor and when the project was almost coming to an end, it stopped and stalled. There is no value for money for such projects. Something else which should be avoided is pending bills. Many people, including my neighbour, have talked about them. Do you know that contractors keep on charging interest on unpaid bills? If an invoice remains unpaid after 45 days, it starts accruing interest. They now start charging interest on the pending invoice so that it is compounded together with the interest accrued on the initial invoice, which is a loss to the Government. That contributes to the debt in this country. I can see that the red light is on. The Committee has recommended that pensions for retirees should be paid to the right people. There should be a certificate to certify…"
}