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{
    "id": 1393792,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1393792/?format=api",
    "text_counter": 222,
    "type": "speech",
    "speaker_name": "Sen. Cheruiyot",
    "speaker_title": "The Senate Majority Leader",
    "speaker": {
        "id": 13165,
        "legal_name": "Aaron Kipkirui Cheruiyot",
        "slug": "aaron-cheruiyot"
    },
    "content": "While the National Treasury has demonstrated the willingness and have shown to Parliament that indeed we, as a county, are on a prudent path of fiscal consolidation, the wise people say the proof of the pudding is in the eating. Until they file the returns of this particular financial year and we see what has been the deviation from the projected 4.8 per cent fiscal deficit for this current financial year and the actuals of what will have been achieved; then we will know that we are on the right trajectory. Probably by Financial Year 2028/2029, we will achieve this 55 per cent that we all aspire to get to. I wish to appreciate the good work that has been done by our colleagues in the Committee on Budget and Finance. I would urge that it is increasingly becoming clear that as long as there are no deterrent measures; there is no law stopping certain habits and cultures that we have learnt from our colleagues in the National Assembly, us in the Senate, National Treasury and counties. So long as there are no legal deterrents, then there is no motivation for people to behave better. On this question much as we have handled the debt to GDP ratio as a percentage, there is something that we can surely do about fiscal deficits and keep it on track through amendments to the PFM Act in case there is a deviation over and above it. Remember, we have five years within which to determine whether we sink as a country or we rise and achieve our full potential. This is the first year since we passed that amendment to the PFM Act. At the end of this financial year on the 30th of June, we will take stock and measure as a House. I believe this is a duty we have all dedicated ourselves to. I will be religious at it in ensuring that we live true to our promise because we do not pass laws for the sake of it. I believe at the end of this financial year shall give us an indicator of how the next four year will look like. You do not need to live up to 2029 to know whether we will achieve that 55 per cent that we are aiming for. You just need to see what will have happened by the end of this current financial year. In the next two months, by the time we get to the 30th of June 2024, it will give you an indication of how the next four years will be. It is my sincere hope that Sen. Faki, Sen. Eddie and all our colleagues who are in the Budget and Finance Committee shall be diligent enough and lead this House on a path of consolidation. This is because we have learned the tricks that, as long as the law is not in black and white in providing the limitation of expenditure, then National Assembly will budget for it, the National Treasury will spend it and political pronouncements will be made. Madam Temporary Speaker, then in another few months, we shall be jittery and seated on the edge the same way we were in the month of December as we are staring at a possible default of the Euro bond as was the case a few months ago. With those very many remarks, I beg to second and urge our colleagues to support these very good proposals and measures that have been proposed by our Budget and Finance Committee."
}