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{
    "id": 1261839,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1261839/?format=api",
    "text_counter": 192,
    "type": "speech",
    "speaker_name": "Hon. (Dr) Ojiambo Oundo (",
    "speaker_title": "",
    "speaker": null,
    "content": "I want to mention two things. It was refreshing listening to the Leader of the Majority Party in whose name the Bill is published. I remember when I sat in the Committee on Delegated Legislation, the issue of the limit came to us twice. We approved one but we were reluctant on another one and we had to revert to where we were. The proposal under Clause 6 seems to suggest that we do away with the limit which, in common palace means a nominal value and go for a threshold. For purposes of understanding, a threshold means the point of vulnerability beyond which if you ever borrow, it will be a breaking point of the economy. My part is on measuring the GDP and determining the Net Present Value (NPV). The question is that what is going to disturb many people in this country is the discount rate we are going to use to determine the NPV at the time of setting the threshold. Secondly, how many years are we going to discount so that we arrive at the NPV? I hope the Cabinet Secretary will strictly disclose all those material facts when he is making a report to Parliament. Of course, the issue is how to measure GDP in a third world country like Kenya. Do we have adequate data to capture all happenings in the economy where we have too many non-monetarised supplies? We have too many self-supplies that do not go through the money market or are not monetarised. Obviously, that is where danger looms. The danger looms large. It is going to be a disaster or a scandal in the next few years. As I conclude, allow me to mention the issue of inter-generational burden. We always talk about the willingness to pay and willingness to accept when we are doing cost to benefit analysis. The inter-generational burden must be spread between the generations. Many of the times, we borrow to invest in capital projects or public projects. They have a longer payback period. It is beyond any single generation. That is why the question why we must burden the current generation to pay all the debt incurred currently to build a facility or a public good going to last over 100 years has been a debate we need to settle at one time or another. As I conclude, public debt has been a debate. It has been a public debate and a political debate. We hope that we will, at one time or another, make it devoid of politics so that we focus on the future development of this country. There is no single time we will have the resources to develop fully. We will have to borrow. On that note, I support."
}