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{
    "id": 1393788,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1393788/?format=api",
    "text_counter": 218,
    "type": "speech",
    "speaker_name": "Sen. Faki",
    "speaker_title": "",
    "speaker": {
        "id": 13211,
        "legal_name": "Mohamed Faki Mwinyihaji",
        "slug": "mohamed-faki-mwinyihaji-2"
    },
    "content": "Kshs151.00 billion which has the potential of worsening the debt position as commercial loans have higher interest rates. The Committee recommends- (1) THAT, consistent with the financing requirements underpinned in the 2024 BPS, the proposed fiscal deficit target of Kshs703.9 billion (3.9 per cent of GDP) for FY 2024/25 be approved. This is broadly in line with the proposed fiscal consolidation path, progressing to 3.1 per cent of GDP by Financial Year 2027/28. (2) THAT, the proposed borrowing strategy in the 2024 Medium-Term Debt Management Strategy (MTDMS) of 55 per cent for net external borrowing and 45 per cent for net domestic borrowing be approved for FY 2024/25 and the medium term. (3) THAT, going forward, the National Treasury should in subsequent budget cycles, ensure that the MTDS submitted to Parliament for consideration and approval contains the most recent data on the stock of public and publicly guaranteed debt as at the date of the statement in line with section 33(3) of the PFM Act, Cap.412A. (4) THAT, to enhance monitoring and transparency on in-year borrowing operations, at the end of every quarter of the financial year, the National Treasury should submit to the Senate a status report on any deviation from the approved borrowing strategy indicating the reasons for the deviation. (5) THAT, pursuant to section 50 of the PFM Act, Cap.412A, the National Treasury should submit a report to the Senate by end of 30th April, 2024, on the specific measures being taken to ensure that the National Government complies with the 55 per cent debt threshold within the timelines provided in the Act. Finally, I wish to thank the stakeholders who submitted written memoranda and who appeared before the Committee to present their comments on the 2024 MTDS. I thank the Offices of the Speaker and the Clerk of the Senate for the support extended to the Committee in undertaking this important assignment. I also take this opportunity to commend the Members of the Committee for their devotion and commitment to duty, which made the consideration of the 2024 MTDS successful. Lastly, I request Senators to approve the Report of the Committee on 2024 MTDS. I request Sen. Cheruiyot to second."
}