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{
    "id": 1213936,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1213936/?format=api",
    "text_counter": 307,
    "type": "speech",
    "speaker_name": "Bondo, ODM",
    "speaker_title": "Hon. Gideon Ochanda",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I am really in the last wagon of debt vilification. If you look at what we call Consolidated Fund Services, the only service that is traceable to serious investment is debt. All the others are like consumable kind of services that we have. To that extent, I really want to place debt in a place where it is supposed to be. We need it. There are other questions that can be asked but, for purposes of this, we need it. What happens in a situation where you want to talk about wealth creation? There are three clear ways of how to make wealth. One, is either you inherit, get it free from somewhere as a gift, save or borrow. All the others which remain are negative. The only three quick ways of how one can make wealth is through those three areas. For example, if Kenyans do not have anything that they inherited or given for free, the problem is that we have to borrow. The main issue is the purpose of borrowing. This is where there is a big problem. What do we borrow for? Do we borrow to consume or invest? This is exactly where the problem is. If we do not borrow for purposes of production, then definitely we are going to be in a mess through and through, because our production cost keeps increasing. We are not competitive and, therefore, we are unable to get foreign exchange meant to stabilise us properly. In the end, we have to borrow. If we borrow for consumables like salaries and other things, I do not think this will take the country anywhere. So, the National Treasury needs to take the recommendations brought by the Committee very seriously, particularly recommendations No.2, 3 and 4. In recommendation No.2, the critical thing is if Parliament can be on the wrong side. As we get the annual budget estimates, is there anything else that the Government wants to 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."
}