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{
    "id": 1261793,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1261793/?format=api",
    "text_counter": 146,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": "It is said that when the economy of the USA coughs, the rest of the world catches a cold. Therefore, we are no exception. There were a lot of Government freebies or money being given to the populace during COVID-19 Pandemic in USA. After the pandemic, there are people who were opting not to work. The kind of welfare monies they were getting from the State was, at times, even better than what they were getting when they were working. That has driven inflation very high and occasioned the federal funds rate in the USA to be increased in a manner that has never happened, since the great recession there. That increment in interest rates is what has caused the problems we have here today with our dollar, which was trading at an average of about Ksh120 less than a year ago. Today, I think it is an average of about Ksh132 – 140 against US$. I must say that the Kenya shilling has tried to be quite resilient. Hon. Speaker, considering that there are all those global effects, we must be very careful on how we treat our public debts. Let me thank the Committee because one of the things that are in this Bill is a provision or clause where, if the National Treasury hits the debt ceiling, they will come and report to the House. That is one of the recommendations that the Committee has given and noted. I am trying to get it in the Report. They recommend that this should not be an"
}