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{
    "id": 1382361,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1382361/?format=api",
    "text_counter": 247,
    "type": "speech",
    "speaker_name": "Kinangop, JP",
    "speaker_title": "Hon. Kwenya Thuku",
    "speaker": {
        "id": 13380,
        "legal_name": "Zachary Kwenya Thuku",
        "slug": "zachary-kwenya-thuku"
    },
    "content": "Assembly which tries to envision how the National Treasury will manage debts in the coming financial year. I have taken interest in looking at the Debt Management Strategy of the National Treasury. Parliament must be alive to what is happening in this country, especially the issue of debt. Largely, our budget is financed through borrowing and that is perturbing. Looking back ten years ago, it is sad to say that our borrowing has gone up by around 350 per cent from Ksh2.25 trillion to about Ksh11 trillion to date. That is something that should concern every Member of Parliament because it is our business to oversight the National Treasury. At times, they are just \"borrowing happy\" to the extent that there are so many loans that have been committed to this country and yet, the absorption rate is so low. The country is made to pay commitment fees for loans that have not hit our coffers! We are borrowing but the money remains in the pockets of the people who lend us the money. I have said it in this House, and I will say it again, that it is a perfect example of walking into a commercial bank, borrowing money but not walking away with the money. You spend the money at the behest of the lender. It becomes a big burden to this country. You can imagine borrowing money but the lender dictates how it should be drawn and yet, you are paying the commitment fee, interest and all that. It, therefore, becomes a trap! We are ensnared in some kind of deep hole or abyss that we are trying to get out of. It is time for the National Treasury to become serious in as far as debt management is concerned. When we talk about expenditure, the House is always full because people are happy to spend money. But we are not careful to ask where the money is coming from. I have listened to one of the Members contribute and he has ably said that our Budget has two columns as many people would think. That is not so because there is the revenue column which has an aspect of debt and it is quite a chunk! This financial year, we have borrowed close to Ksh1 trillion. It is in this financial year that we passed the Debt Management Strategy that envisaged a situation whereby borrowing would be up to a certain extent. We have surpassed it and no report has come to this House and yet, we resolved that if the National Treasury surpasses the amount that was approved by this House, they should come back with a report explaining why. We have not received that as the Public Debt and Privatisation Committee. Indeed, it should concern us. On the issue of the Single Treasury Account, whereby all the monies collected by the Government should be deposited in one Government account, allow me to state as follows: As much as we are saying that our borrowing is at 55 per cent this financial year, we cannot live with that. We are borrowing more than is envisaged in this document. We are not living up to the resolutions of this House. I strongly feel that the National Assembly should rise up…"
}