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{
    "id": 1222156,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1222156/?format=api",
    "text_counter": 224,
    "type": "speech",
    "speaker_name": "Mosop, UDA",
    "speaker_title": "Hon. Abraham Kirwa",
    "speaker": null,
    "content": "I commend the Committee for the great job that they did in preparing this particular Report, and sitting down to exactly try and look at where we are, as a country, in terms of debt. Hon. Deputy Speaker, this country is in a hole. They say that when you find yourself in a hole or a ditch, the best you can do is to stop digging and make your way out. It is unfortunate that there are several circumstances that led to this huge appetite for borrowing. One, is the pandemic that we faced, instability of the shilling, interest rates all over the world going up, the inflation rate, which has gone up, and the drought which we have not experienced for a long time. It has, therefore, forced the nation to continue borrowing. The best we can do as a nation after finding ourselves in this situation is to find out how best we can do to get ourselves out of this debt situation. I want to comment on one policy resolution that was proposed and brought forward by the Committee; that any borrowing undertaken by the National Treasury for the Financial Year 2023/2024 should not exceed the approved debt ceiling set by Parliament, which we all know was approved at Ksh10 trillion. As we speak, our debt is above the debt ceiling that was set. The Cabinet somehow approved to change it from having a numerical figure to base our debt 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."
}