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{
    "id": 1261792,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1261792/?format=api",
    "text_counter": 145,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": "Hon. Speaker, they did public participation over the last two or so weeks. They tabled a very good Report with very good recommendations. They also came up with certain amendments that are critical to the implementation of this Bill. The principal objectives of this Bill are enumerated in the Bill. Firstly, it is to amend the Public Finance Management Act (No. 18) of 2012 to operationalise the public debt and borrowing with regards to the framework for monitoring the level of public debt. This is to align with the provisions of Article 214 (2) of the Constitution which defines public debt. This Article defines public debt as all financial obligations attendant to loans raised or guaranteed and securities issued or guaranteed by the national Government. The Public Finance Management Act of 2012 does not offer this clear definition of what public debt is. Therefore, it is important to define it in such a manner that it covers all elements of our public debt. You can define public debt as just our national Government debt without considering what is guaranteed by our national Government to our county governments or even to State-owned enterprises. Therefore, a holistic definition was necessary. That is part of the objectives of this Bill. Secondly, as a country and, indeed, many other countries in Africa and beyond, we are confronted with a heavy question of public debt and its management in the running of our economies. Kenya is not an exception. We had a situation where we were almost at the brink of being unable to manage our debts. Should we allow things to go the way they are going without taking cognisance? What is happening in the global economy with the war in Ukraine and inflation around the world, both in Europe and United States of America (USA)? There is large devaluation of our shilling against the major currencies, especially the US dollar, which is occasioned— as I mentioned— by inflation, which is very high in the USA."
}