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{
    "id": 1222247,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1222247/?format=api",
    "text_counter": 315,
    "type": "speech",
    "speaker_name": "Funyula, ODM",
    "speaker_title": "Hon. (Dr) Ojiambo Oundo",
    "speaker": null,
    "content": "Companies and businesses are unable to access debt in the market at the moment simply because the Government is an attractive borrower. It is sovereign and has no chance of defaulting. Therefore, any lender prefers to lend to the Government, but not to people or businesses. Because of the risk profiling, you find that a common business has a higher risk than the Government. It is for that reason that the interest rates of mortgages are on an upward trend. The Government, being a secure borrower, is competing with the unsecure or the high- risk profile. Therefore, the Committee, fiscal analysts and the Parliamentary Budget Office should have undertaken a sensitivity study that showed how much I would pay if I borrowed a certain amount of money. We need to challenge them on this matter. They need to go back, re- think and draw a graph to indicate the eventual cost of that particular loan vis-a-vis either to go 50 or 30 per cent. If I were them, I would leave it open and only assess the final cost of the debt rather than its source. I sit in the Public Accounts Committee. Many times, we come across debts where the supposed recipients are not aware that they ever received that kind of debt. It is very common in the water sector. I now see that it has also found itself into KPLC. It was bound to happen because from 2004 to 2007, and in the last days of the reign of the late President Mzee Moi, there were some activities that happened at KPLC that could be the genesis of these untraceable loans. The culprits who were there are still strangling this country. They occupy some of the highest offices. We would like to urge the Controller of Budget and the Auditor-General, to dig dip into that loan because the people who took the money can easily 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."
}