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{
    "id": 1358673,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1358673/?format=api",
    "text_counter": 75,
    "type": "speech",
    "speaker_name": "His Excellency the President",
    "speaker_title": "",
    "speaker": {
        "id": 168,
        "legal_name": "Uhuru Muigai Kenyatta",
        "slug": "uhuru-kenyatta"
    },
    "content": "As earlier indicated, our public borrowing had long crowded out the productive sector from the financial markets, raising the cost of credit and slowing down trade and commerce. As I told Kenyans on my first day in office, times were difficult and many people are struggling. Necessary and effective sustainable solutions were urgently needed. We must admit Hon. Members, that as a country we had been living large and way beyond our means. The time has come, therefore, to retire the false comforts and illusory benefits of wasteful expenditure and counterproductive subsidies on consumption by which we dug ourselves deeper into the hole of avoidable debt. The new direction may not be easy, but it is ethical, responsible, prudent and, most importantly, necessary. We have had to take hard decisions and make painful choices because we owe it to Kenyans to do the right thing and confront facts as they are without flinching or equivocating. We have worked hard, at home and abroad, to mobilise a broad coalition of bilateral development partners. Many of them I see them in this House, multilateral development banks and other agencies, which have rallied to pull our country back from the brink of debt distress and set us firmly on the path towards sustainable economic growth."
}