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{
    "id": 1395379,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1395379/?format=api",
    "text_counter": 235,
    "type": "speech",
    "speaker_name": "Sen. Oketch Gicheru",
    "speaker_title": "",
    "speaker": null,
    "content": "They made a commitment of this formula, moving us from a numerical value last year to this ratio value. However, since last year, we have not had an engagement, not at the Committee nor at the House level. The Ministry has not given us quarterly data on how they are going about it, the adjustments on the GDP index projections that we are seeing or the kind of debts that we are taking in terms of concessionary debts, which we have this particular month, so that we ensure we are on track. By the time we were closing December last year, the debt to GDP ratio stood at a higher level than where we found it at 70 per cent because there is no proper monitoring by this House. Therefore, I want to invite the House to pay a lot of attention to the National Treasury figures that have been given in this MTDS. It is a proper oversight and update to this House, so that we can tell the country that the number of indices in terms of debt that we are taking from different places can be dealt with. Alongside that, we cannot sit pretty on the idea of the €1.5 billion eurobond that was floated the other day because it did not come as a factor in the debt management strategy. It came as a factor in the business cycle in the United States of America (USA), where the US Government showed an interest in reducing the interest rates on the Dollar. That pushed the markets to adjust. One of the observations of the Committee was that this act brought confidence to investors to put some dollars into our economy and bolster tourism. This is not a sustainable indication of stability in our foreign exchange and the value of our Kenya Shilling. As a House, we must monitor this in the next few months and ensure that it does not put us in danger, where we keep on borrowing because we are borrowing against the Dollar. Should any bump happen, especially after the US elections---"
}