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{
    "id": 1382427,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1382427/?format=api",
    "text_counter": 313,
    "type": "speech",
    "speaker_name": "Tigania West, UDA",
    "speaker_title": "Hon (Dr) John K. Mutunga",
    "speaker": null,
    "content": "yourself how much we do to make sure that we reduce the fiscal deficit… Every year, we post a budget that has a bigger deficit than the previous year and we keep increasing the money for recurrent expenditure as opposed to the money for development expenditure. Also, we see budgeting for things that are not a priority as far as we are concerned, as a country. The shift in debt composition is an issue that we need to be very careful about. We are more reliant on borrowing domestically than from out there. We need to change that equation. We should focus on relying on long term concessional loans than borrowing the very costly local loans. The other issue that is important is the servicing cost of the debt. Of course, a drop in the Kenyan shilling will increase the servicing cost of the debt. This is a trend that needs to be monitored very carefully such that, if there is any movement of the shilling, we see how we can bring in the containment measures. On the diversification of the borrowing, we are limited to a few. We need to open up and diversify abroad. We need to look at which other frontiers we can access, how much of the public-private partnerships (PPPs) are we getting into and how much of the green bonds are we going for so that we can diversify our borrowing. The other key issue is market reforms. How much of over-the-counter trading platforms have we opened and how much of them can we adopt as a country, if we are to manage this state? I can see my time has gone. Let me say my final point on transparency and accountability. How much do we expose this to Kenyans so that they can also follow what the Treasury is doing?"
}