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{
    "id": 1222197,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1222197/?format=api",
    "text_counter": 265,
    "type": "speech",
    "speaker_name": "Wajir North, UDA",
    "speaker_title": "Hon. Ibrahim Saney",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I was a bit distracted by court petitions and I did not have time to contribute to this debate. It is my second opportunity to at least do so and I appreciate you for giving me the chance. At the outset, I want to congratulate the Chairman of this Committee and his able Vice Chairman for work well done. The global economy is not doing well. The Russian-Ukraine war, the epidemics we went through, and the drought that is still with us have contributed to the bad economy globally, not only in Kenya. It is clearer that inflation is a serious factor in economic growth. Dollar unavailability has given effect to the fact that our economy may not do very well. The reason is well known, the dollar has been collected sometimes just before the elections until the dollar has become a very scarce commodity in this country. It is in the hands of a few. Be that as it may, the medium-term management of our debt is a key and important thing. To manage our debt, we need to deal with corruption. If we do not deal with corruption, then managing debts will just be a fallacy in my view. You can imagine dollars have been amassed. Today, dollars are so scarce, the shilling is becoming devaluated and the GDP is in the hands of a few Kenyans who have kept the dollars in private. It is important that this Committee or this House to a larger extent makes sure that corruption is dealt with. If we are to manage debt, it is also good to give priority to our developmental needs. What are these real needs that will contribute to the economy of this country? We want to have budgets that are revenue led and not expenditure led. That is why we end up with huge deficits in terms of budget. We always plan for what we need, without considering what we can afford. It will be prudent for this House to at least legislate and make sure that we come up with a budget that is based on revenue, on our capacity, on our ability and not just because we want to spend. In as much as I still accept no economy shall grow without borrowing, debt is part and parcel of our economic growth. Larger economies, the superpowers including the United States of America (USA) are in debt and they continue to borrow. It is healthy to borrow but how to manage what is borrowed makes the difference. One other key thing we always forget in this country is, this country is endowed with resources that are not used. Within the core of our earth, Kenya has huge potential for mineral resources that need to be exploited and explored. Up to now I can tell you for sure, what we have as an inventory in terms of minerals in this country dates back to 1970, just immediately a decade after independence. If we were to go for a thorough exploration and exploitation of our mineral resources, this country would have been rich and would not get into a position to borrow. Northern Kenya is full of minerals that are of value. The constituency where I come from, the entire Wajir North is full of minerals of all kinds. Kenya lacks the capacity and I think it is time we relooked at our capacity to explore and exploit our natural resources more so minerals. If we do so, then the possibility of borrowing will diminish as much as is required. One other aspect that this House needs to do is the discipline to make sure that we implement the Budget we pass. You will mostly see that there is lack of discipline in budgetary implementation. There are diversions and there are other projects that have come midway. This contributes to borrowing unnecessarily. To sum up my contribution, I look forward to a situation where we will be having budgets that are led by our revenues and not wishes and expenditures. Of concern to me too, is equity in the loans we borrow. Hon. Temporary Speaker, loans are bequeathed to every citizen of this country. Every Kenyan, our children and the generations to come have to bear the burden of paying these loans. Do we think it is fair that whatever we have borrowed has gone to a 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."
}