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{
    "id": 1229363,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1229363/?format=api",
    "text_counter": 107,
    "type": "speech",
    "speaker_name": "Ugunja, ODM",
    "speaker_title": "Hon. Opiyo Wandayi",
    "speaker": null,
    "content": " Thank you very much, Hon. Speaker. Pursuant to Standing Order No. 33(1), I rise to seek leave for adjournment of the House in order to discuss a definite matter of urgent national importance regarding the deteriorating state of the economy and the developing financial crisis facing the country. Hon. Speaker, the deteriorating state of the economy and failure by the Government to meet its financial obligations including settling of salaries of public officers is worrying and indicative of growing economic strain. According to official records of the National Treasury, the economy is facing a myriad of challenges including the dwindling national revenue collection as evidenced by the current revenue shortfall of Ksh900 billion. Additionally, there are serious indications of waning trust in Government securities with the official data from the Government indicating that as at February 2023, the Government managed to borrow only Ksh333 billion out of the intended Ksh1.04 trillion. Further, the results of the Central Bank of Kenya 10–year Treasury Bond dated April 10, 2023 indicate that the Government only managed to get bids worth Ksh3.57 billion from a bid offer of Ksh20 billion representing a paltry 17.85 per cent. This has put pressure on Government funding and is likely to lead to a shutdown of public services. Hon. Speaker, it is also notable that the Government has stopped spending on priority development and has also delayed in releasing funds to County Governments thereby stalling operations at the county level. Notably, only Ksh162.5 billion has been released to a few of the Ministries, State Departments and Agencies (MDAs) for development while county governments are yet to receive the equitable share of their revenue for January to April 2023. Hon. Speaker"
}