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{
    "id": 1353487,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1353487/?format=api",
    "text_counter": 353,
    "type": "speech",
    "speaker_name": "West Mugirango, JP",
    "speaker_title": "Hon. Stephen Mogaka",
    "speaker": null,
    "content": "Hon. Temporary Speaker, where a currency like ours will always depreciate vis-a-vis the currency under which the debt is denominated, a country is required to hedge against its depreciation and triplication without extra borrowing. I know that the Government is receiving a beating today, allegedly, because of more borrowing. There is no borrowing that has been done. Because of the depreciation of the Kenyan currency vis-a-vis the currency with which we borrowed, the debt is growing on its own each day. Lay people think that the country has undertaken more borrowing. This is why as a nation, particularly from this House of records, we need to make it clear so that our citizenry is not deceived by cheap propaganda that the country is engaging in additional borrowing. Let us face and tell the truth and it shall set us free. I urge the National Treasury to create a corporate desk that communicates with Kenyans and advises the country on how our debt situation is behaving daily from the original amount borrowed and the exchange gain or laws that have been lumped on the debt that was originally taken, so that we explain continuously how its level is increasing because of depreciation. Ultimately, this country encourages inflows of foreign exchange from the diaspora, tourism sector or agricultural produce that we export. We must be an exporting country for our debt situation to be managed."
}