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{
    "id": 1382326,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1382326/?format=api",
    "text_counter": 212,
    "type": "speech",
    "speaker_name": "Kiharu, UDA",
    "speaker_title": "Hon. Ndindi Nyoro",
    "speaker": null,
    "content": "Secondly, we sometimes read in the newspapers about the amount of money that has been borrowed. The truth of the matter is that Kenya does not borrow money outside the budgeted deficit. We have seen an escalation of the debt portfolio due to the fact that 50 per cent of our debt, which is approximately Ksh11 trillion, is domestic, while the rest is foreign. 70 per cent of our foreign debt is dollar-denominated. When the shilling loses its value by 20 per cent, this rolls over to our foreign debt portfolio. This will increase the debt, for instance, by Ksh1 trillion without borrowing a shilling. This is because our debt is in shillings but 50 per cent of the debt is borrowed in external currencies. Whereas Kenya is adopting a conservative model of borrowing less, we have also seen some of the major economies over-borrowing. Currently, the United States of America has a 120 per cent debt to GDP ratio of over Ksh34 trillion, which has also caused a standoff at the Congress. In the United Kingdom, the debt to GDP ratio is over 100 per cent, but we cannot compare our economy to those of the developed economies because our cost and use is different. We will continue to borrow less because we cannot afford to continue digging the hole of debt."
}