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{
    "id": 1261842,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1261842/?format=api",
    "text_counter": 195,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kimani Kuria",
    "speaker": null,
    "content": "Government securities and check on our credit worthiness, the only information they get is that we have a debt ceiling of Ksh10 trillion and our current debt is Ksh9.63 trillion. Remember that person does not even have the advantage of knowing the strength of the Kenyan Shilling. Therefore, this departure of making the debt not based on nominal terms but as a percentage of GDP in present value terms makes a global conversation about our credit worthiness without necessarily being privileged to what the rate of the Kenya Shilling versus the dollar is or what is Ksh10 trillion, and what the ceiling is about. Most importantly, this puts very good pressure on the Executive for this reason - for you to maintain this GDP at the proposed 55 per cent plus or minus five whereas we are at 62, there are only two options to reduce this 62 per cent to 60 per cent. You either reduce the borrowing or grow the GDP. Because we are not decreasing borrowing, we certainly have to grow GDP. Growing GDP will mean that we are creating more jobs, collecting more revenues and collecting more taxes. Therefore, it is a step in the right direction to make sure the Executive is put in check. Lastly, we have seen a precedent on borrowed money before and that money never got to this country. A reference will be the Euro Bond. Therefore, it will be a measure if the debt increases without a consequent increase in GDP; that the borrowed money was not spent in this economy and was not used to grow any sector in the country. If it were, it would have led to growth in GDP. With that, I beg to support."
}