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"id": 1275838,
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"speaker_name": "Sen. (Dr.) Khalwale",
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"legal_name": "Bonny Khalwale",
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"content": "Thank you, Mr. Temporary Speaker. I was announcing the good news to the people of Kakamega. That our governor, thanks to this Senate, my persuasiveness in the Committee on Finance and Budget and my own drive, is now swimming in billions of shillings. I urge him and all the governors of Kenya to give priority to two things. First, is the pending bills owed to business people. Some of them have died because of debts and pressure from their creditors. Those pending bills should now be settled. We want the fruits of devolution to be enjoyed by creditors. Mr. Temporary Speaker, secondly, all governors should give priority to on-going projects and complete them before new ones are started. For example, whenever I fly over Bomet Stadium on my way to Kakamega County, I feel very offended that 11 years into devolution, that stadium is incomplete. The same to Bukhungu Stadium, Shamakhuvu Hospital, Mumias Level 5 Hospital, Malinya Market, Khayega Market and Butere Hospital all in Kakamega County. These projects must be prioritised before my governor then embarks on new projects. I agree with the proposed amendments in Section 2, 12, 15 and 32. However, I think when it comes to the amendments proposed in Section 50, the public deserves to hear us. Therefore, allow me to use this opportunity to examine the proposed amendments in Section 50. This is a paradigm shift. For the first time, we want to align the management of public debt with the best international practices as you find in the United States of America (USA), Australia and Canada. We shift from the outdated debt ceiling to the principle of debt anchor. Mr. Temporary Speaker, Sir, this amendment proposes that the public debt must never exceed 55 per cent of the Gross Domestic Product (GDP). Let me acknowledge that today, we are in a bad place because of the greed of the “Handshake” government. The then President went on and borrowed right, left and center and left this country. We are currently at 66 per cent of our GDP, we are in debt. We are in a hole. I am glad that Prof. Njuguna, a professor of Economics from the University of Nairobi--- For the benefit of this House and I can see the Senator for Mombasa County is having a closed eye reflection on my contribution. He is even nodding his head. That is very good. Prof. Njuguna comes from our generation of the University of Nairobi. This is the distinguished generation that has served this country wherever they have gone. We are the generation that has given this country the first open heart surgery and a kidney transplant in the region, competing only South Africa on the continent. He has explained to us as a Committee and our minds are very clear. He is telling us that if you have an appetite for loans, go and borrow. However, if you must borrow, start by growing the GDP. If you grow the GDP enough, you can go and borrow. It will allow you to borrow but not exceed 55 per cent. This should not look like something very strange or difficult to understand to Kenyans. Kenyans; as they say in English, if you want to run a family well, you should run it the way you cook a fish. What is the fish in this context? Today, if you go to Cooperative Bank of Kenya, Kenya Commercial Bank (KCB), Absa Bank and Equity bank and try to borrow, they tell you to go for the money for God’s sake. Before they"
}