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{
    "id": 1216047,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1216047/?format=api",
    "text_counter": 204,
    "type": "speech",
    "speaker_name": "Sen. Mungatana, MGH",
    "speaker_title": "",
    "speaker": null,
    "content": "These are statistics from the United Nations Development Programme (UNDP). Mr. Steiner, Head of this Programme, has emphasised that something needs to be done. It is good that we voice our concerns and tell the National Treasury and all stakeholders, particularly the National Treasury, that we are concerned as a country. We do not want to earn a dubious reputation as a nation of defaulting on sovereign debt obligations. On 1st July, 2015, the British Broadcasting Corporation (BBC) informed us that Greece had defaulted on its sovereign debt five times. They listed Italy, Ireland and Spain as countries that had defaulted on their sovereign debt in history at least six times. The countries that have taken the dubious cake on this race are Venezuela and Ecuador. In fact, in 1902, Venezuela refused to pay its debt. European countries then went ahead to blockade the nation to force her to pay its obligations. As a nation, we want to be taken seriously by the international community. In the recommendations of the Committee, the Chairman told us that we have a shortfall of Kshs720 billion this financial year and yet our limit is Kshs600 billion. This means we do not know where Kshs120 billion will come from. Mr. Speaker, Sir, we ask the National Treasury to be very serious. Let us cut our expenditure and balance and stay within our limit. We do not want Kenya to go down the Venezuela and other European countries way. If they could do that, even our nation can go that path. We want the National Treasury to invest the external borrowing to create dollars for us. They should not borrow money to pay off debts, support budgetary expenditures or pay salaries. It should not be consumptive oriented. We ask the National Treasury not to be involved in irresponsible borrowing. The President has talked about this many times. In fact, the Government came into power after criticising the debt policies of the previous administration. It is our prayer---"
}