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{
    "id": 1395410,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1395410/?format=api",
    "text_counter": 266,
    "type": "speech",
    "speaker_name": "Sen. Osotsi",
    "speaker_title": "",
    "speaker": {
        "id": 13588,
        "legal_name": "Osotsi Godfrey Otieno",
        "slug": "osotsi-godfrey-otieno"
    },
    "content": "Thank you, Mr. Temporary Speaker, Sir, for that opportunity. Debt management strategy is a very important issue in this country. Therefore, this Motion is equally very important to this House. Mr. Temporary Speaker, Sir, in this debt management strategy, there are three levels of debt. We have multilateral, bilateral and commercial debts. The multilateral debt is about Kshs3.1 trillion, which is at least 50 per cent of the total external debts. The bilateral debt is about Kshs1.4 trillion, which is 23 per cent of the debt. The commercial debt is about Kshs1.7 trillion, which comprises about 27 per cent of the debt. A lot of emphasis should be put on commercial debts because they are expensive. When they comprise about 27 per cent of the total debt, it becomes a problem. One of these debts is Eurobond. As a strategy, the country should seek to reduce the level of commercial debts so that the interest charged can go down significantly. During the campaigns, the issue of public debts was one of the very important topics that was discussed by both sides of the political divide and we agreed on nearly most of the things. One of the things was that we come up with a strategy of lowering public debt, issues like renegotiation of debts, restructuring et cetera . We are not seeing much of that. This strategy should be talking about that as well. Mr. Temporary Speaker, Sir, you have noted that domestic debt has been going up. It is not a good sign because if we have an economy where domestic debt is going up, The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}