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{
    "id": 1353366,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1353366/?format=api",
    "text_counter": 232,
    "type": "speech",
    "speaker_name": "Baringo North, UDA",
    "speaker_title": "Hon. Joseph Makilap",
    "speaker": null,
    "content": " Thank you, Hon. Speaker. I rise to support the Report of the Public Debt and Privatisation Committee as presented by our Chairman. This is an area that has been ignored for many years even though it affects the debt stockpile for this country. Consolidated Fund Services expenditure is critical for repayment of our debt, pensions, salaries and allowances of commissions and other miscellaneous services. When we were preparing this Report, we realised that there was a big error that requires investigation. When we looked at the budgets for constitutional offices, we realised that they were extremely exaggerated. The estimates were higher in every Vote. In fact, over 90 per cent of the Votes for salaries and allowances of the constitutional offices were higher. A case in point is that of the offices of the Controller of Budget, the Auditor-General, the Teachers Service Commission, among other constitutional offices, whose resources were enhanced astronomically without due explanation on what had happened. Hon. Speaker, looking at the proposals that we gave to the National Treasury, it tells you that this country’s loans keep on ballooning because of exchange rates. Many Members do not know that a change in one Kenya shilling to the US Follar has a resultant force of Ksh46 billion debt. This debt will be paid by many generations to come. There is need for us to come up with ways of managing the public debt or the rising exchange rate between the Kenya shilling and the US Dollar. Two things are very fundamental. The exchange rate of the Kenya shilling to the US Dollar is going up every day because oil marketers earlier in the year experienced a shortage of US Dollars to the tune of Ksh500 million. As demand for the US dollars increased, and interest the rates in the United States of America shot up and became The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}