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{
    "id": 1382288,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1382288/?format=api",
    "text_counter": 174,
    "type": "speech",
    "speaker_name": "Kitui Central, WDM",
    "speaker_title": "Hon. (Dr) Makali Mulu",
    "speaker": null,
    "content": " Thank you very much Hon. Speaker. Let me start by thanking my Chairman for moving this important Motion. Before I get to the body of the Report on Consideration of the 2024 Medium-Term Debt Management Strategy, let me make some opening remarks. Hon. Speaker, first, I thank you, your Office, and the Office of the Clerk of the National Assembly for allowing our Committee to present this Report to the House before the Chairman of the Budget and Appropriations Committee presents the Budget Policy Statement. This is very critical because whatever budget deficit we agree on should inform the Budget Policy Statement so that the two Committees, the Budget and Appropriations and the Public Debt and Privatisation, are seen to be aligned. The other important issue is to remind Hon. Members that we are discussing public debt as a country because we are spending more than we are collecting. When we look at our revenue, the amount we are collecting and the amount we spend, we realise that public debt is a critical issue in this country. Let me give an example. When we look at the current Financial Year, it is projected that about Ksh2.5 trillion will be collected. In the coming Financial Year, we project to collect about Ksh2.9 trillion in ordinary revenue. When we look at those figures and compare them with where we are today, we realise that we are currently short by about Ksh300 billion. This means that if the trend remains, by the end of the year, we will not have achieved our projected revenue collection, which in turn will increase our deficit. It means the Ksh2.9 trillion projection for the next Financial Year will start with a negative of Ksh300 billion, assuming this year's projection becomes the base year. We need to be more realistic with revenue projections and be thorough in the assumptions that are made to determine them. The other important point is the issue of expenditure. We have often said that we do not look at the expenditure side of the equation as a country because the more we spend, the more we increase the budget deficit. Therefore, we need to ensure that we focus on core expenditure items. When we spend, we must look at the items we are supposed to spend on and make sure that they will generate more revenue for this country so that we can grow the economy. 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"
}