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{
    "id": 1393832,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1393832/?format=api",
    "text_counter": 262,
    "type": "speech",
    "speaker_name": "Sen. Olekina",
    "speaker_title": "",
    "speaker": {
        "id": 407,
        "legal_name": "Ledama Olekina",
        "slug": "ledama-olekina"
    },
    "content": "adopting in terms of going for the Kyoto funds which guarantee grace period of about 12 years’ interest-free. Why not become creative and go for those funds? Borrow the funds, which we do not have to pay so much. In fact, I do not see the logic, but maybe my good friend Sen. Eddie will be able to explain why we are borrowing 45 per cent locally. We should try to borrow the least locally and borrow outside. We need to be very clear on our financial goals. You give credit where it is due. On what the Government does well, we will give credit. However, when they do things that are not right, we will tell them. If it is indeed true that we have paid off half of what we are supposed to pay in Eurobond, I will say kudos. This allows us to manage our finances and set up our goals so that we do not overtax our people to pay. I was listening to my good friend, Senator for Nandi asking why we should be paying for KQ. We need to be clear that a call-up debt has to be paid by the company that guarantees it. The Government guaranteed that they would pay up. The Government has an obligation to pay for the call-up guaranteed loan of Kshs88.2 billion which relates to KQ. We cannot run away from it. We have to ask ourselves how we can manage it effectively. Mr. Temporary Speaker, Sir, it is important that the Cabinet Secretary for Treasury and Planning, my good friend Prof. Ndung’u, seek approval from both Houses when they need to borrow more. On this issue of exceptional circumstances that we allowed in the amendment of the Public Finance Management (PFM) Act; it is about time that we define what exceptional circumstances could be so that we clearly understand. We might have rushed the amendment. We were not so clear in terms of the leeway that we give to the Cabinet Secretary. We need to give him a leeway, but to clearly define these exemptional circumstances for borrowing. This is so that we are all not taken by surprise. No one comes out to say we borrowed to pay this, but we did not know when and how. These constant reports are very important, just like we are talking about today in terms of what we require from the Controller of Budget (COB). The National Treasury and Planning should also be submitting quarterly reports on the debt; giving us analysis of the debt."
}