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{
    "id": 1275883,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1275883/?format=api",
    "text_counter": 407,
    "type": "speech",
    "speaker_name": "Sen. Mungatana MGH",
    "speaker_title": "",
    "speaker": null,
    "content": "manage it and how to be responsible holders of public debt. This is also an opportunity for us to speak to the National Treasury about debt itself. I know that there is a theory about growing in debt and development through debt. However, the debt levels in this country are not sustainable at all. We need to seriously speak about it. This is an opportunity for us to debate this issue. The debt that is accumulated in the public space comes because of excessive spending. A government that goes into debts and deficits is because they are spending more than what they are generating. That deficit that happens in this financial year adds to the public debt stock that we have. No one from the National Treasury has come out strongly to tell us about the measures the nation is putting down to cut down on public debt. Mr. Temporary Speaker, Sir, this is a debate we must have. The Senate will use this opportunity to tell the National Treasury that the levels of public debt are worrying. We are not hearing positive voices from the National Treasury saying how they will manage. They must come out with a plan. It is bad where we are now. Whether we say we are going to report debt using the Kshs10 trillion absolute figure or public debt to Gross Domestic Product (GDP) ratio, you are still not giving Kenyans confidence that you want to manage public debt and the plan that you have to manage public debt. The National Treasury is too quiet. Senate must muse this Floor to explain to the Treasury that this Administration promised that it was going to control and reduce the public debt. However, we do not get to hear a concrete plan. Instead, we are now hearing about the way they are going to report the debt every year. They are not telling us what should happen. Mr. Temporary Speaker, Sir, we want to hear a strong voice on spending cuts and how they will reduce this deficit. They must tell us where they are going to cut off, so that we can reduce and live within our means. The President has spoken many times about living within our means, but the lieutenants who are supposed to actualize these words are not telling us what the plan is. The Senate will take the opportunity when they bring this to tell them that we are not happy. The plan is not clear and we are not seeing what they are doing to reduce the public debt. Unfortunately, Kenyans are watching us. In four years, we will have to explain whether we reduced the public debt as we promised or what we did when we had the opportunity. What I am saying is not rocket science. They must cut down on the spending. In the 1990s, Canada had a huge deficit and they did it with 20 per cent spending cuts. They did it within a period of four years, and in three years, the public debt went down to zero. Within those four years, the public debt to GDP ratio was reduced by one-third. Mr. Temporary Speaker, Sir, we are asking that the National Treasury speaks to this issue because it is worrying to all of us. Otherwise, we support these Amendments that have been brought with the amendments that have been proposed by other hon. Senators."
}