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{
    "id": 1222173,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1222173/?format=api",
    "text_counter": 241,
    "type": "speech",
    "speaker_name": "Bonchari, UPA",
    "speaker_title": "Hon. Charles Onchoke",
    "speaker": null,
    "content": "we need to think of an alternative route. We should denominate our loans in the local currency – the Kenya Shilling. We are borrowing in Yens and Euros. I am not very sure that those creditors will be willing to denominate those loans in Kenya Shillings. The single National Treasury account which is provided for under Section 28(2) of the Public Finance Management (PFM) Act, 2012 has been in place for the last 12 years and yet, we have not used or operationalised it. It does not make sense that it continues being in the books. We should give the National Treasury a timeline to implement that so that we have a single account. This is so that all the monies from various agencies and ministries go into the same account and we do not have a situation where the Government is borrowing money from the market. We should find a strategy on how to deal with the poor absorption rate. There should be a recommendation on how that should be dealt with so that we do not borrow and keep money, or we do not access the money, but on the other hand, we are paying commitment fees. Other factors that affect public debt are inflation and interest rates, which have been spoken to. If you look at the Kenya National Bureau of Statistics (KNBS) report of February, our inflation rate is going up and not down. I would have loved to see some measures recommended by the Committee to tame our inflation rate, which is affecting our public debt. Government expenditure is going up and ballooning, which will be one of the major sources of inflation. I would have loved to see measures and strategies of containing the ever-expanding Government Recurrent Expenditure. I hope that the strategies in this Report will be implemented. We should take into account some of the suggestions that are coming from the Floor of the House. Thank you."
}