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{
    "id": 1382289,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1382289/?format=api",
    "text_counter": 175,
    "type": "speech",
    "speaker_name": "Kitui Central, WDM",
    "speaker_title": "Hon. (Dr) Makali Mulu",
    "speaker": null,
    "content": "Hon. Speaker, we have projected a Ksh3.9 trillion budget this year. In total, we project borrowing about Ksh703 billion. One thing we need to question as a House is whether the amount we are approving today or tomorrow of Ksh3.9 trillion will remain throughout the year. Experience and practice have confirmed to us that there are in-year deviations. For example, this year, we approved a budget with a deficit of 4.4 per cent. As of now, it has been adjusted upwards to 5.5 per cent. In the process of this adjustment, even though it can be justified, was this House involved in making that decision? As a House, if we want to be effective, and since we have a Public Debt and Privatisation Committee, it is important that the in-year deviations are discussed by this House and approved. In the process of discussing this matter, there are a few things that I want to note. Average interest rates have increased, leading to an increase in the total amount of loans, and the average change to maturity of loans is getting shorter, making it worse for us. Also, we cannot ignore the exchange rate when discussing public debt matters. The other important issue is that we approved a debt anchor of 55 per cent, and we said we need to see it go down. It was 63 per cent at the time, but it has now gone up to 69 per cent of the GDP. It is increasing instead of decreasing. As a House, we need an explanation as to why the figure is increasing, instead of decreasing. We do not have that explanation. Hon. Speaker, I second."
}