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{
    "id": 1216037,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1216037/?format=api",
    "text_counter": 194,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "a) Noting that the debt ceiling limit is Kshs10 trillion, the available headroom for borrowing is Kshs600 billion, and the proposed fiscal deficit for the Financial Year 2023/24 is Kshs720.1 billion. The National Treasury should device innovative strategies on how they should finance the deficit of Kshs120.1 billion outside the debt ceiling. b) The National Treasury should fast-track and submit to Parliament the necessary legal framework which will anchor the debt ceiling on the country’s debt-carrying capacity meaning the Gross Domestic Product (GDP). c) The National Treasury should constrain domestic borrowing in order to avoid overcrowding in terms of the local investors being given loans from the banks as a result because banks consider Government Treasury bonds as the most attractive and less risky. As a result, if the Government goes ahead to borrow a lot from the domestic market that will affect the capacity of the local businesses to access financing from banks. Mr. Speaker Sir, the Committee takes this opportunity to commend all the stakeholders who responded to the invitations we sent to them and submitted views and memorandum on the MTDMS. I also thank the Members of the Committee for their devotion and commitment to duty, which made the consideration of the 2023 MTDMS a success. I also wish to thank the offices of the Speaker and the Clerk of the Senate for the support extended to the Committee in undertaking this important assignment-not forgetting the most important team; the technical staff of the Senate that have really supported this process to be undertaken. I beg to move and request Sen. Dr. Khalwale to second the Motion"
}