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{
    "id": 1421053,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1421053/?format=api",
    "text_counter": 243,
    "type": "speech",
    "speaker_name": "Sen. Kisang",
    "speaker_title": "",
    "speaker": {
        "id": 2263,
        "legal_name": "William Kipkemoi Kisang",
        "slug": "william-kipkemoi-kisang"
    },
    "content": "Mr. Deputy Speaker, Sir, I also rise to support the Report by the Committee on Finance and Budget. As a country, we are in a crisis, especially because of the debt. If you read the Report, they stated that from December, 2022 to the current debt, the nominal ratio to Gross Domestic Product (GDP) is 70 per cent from 67 per cent because of the depreciation of the Kenya Shilling. That is a challenge to the economy, which makes it difficult for the country. As a country, we need to manage our debt. The public debt is over Kshs11 trillion. The National Treasury has indicated that they will reduce the nominal ratio from 70 per cent to 65 per cent in the next three to five years. The Committee has indicated that by the end of April this year, the National Treasury will provide us with the policy and way forward, so that we can monitor it closely. If you check, you will see that we have both local and external debts. One of the reasons our businesses are struggling is because the Government is borrowing internally. When the Government borrow internally, it means that our businesses do not have access to loans and at the same time, the banks are sure that the Government will not default. This means that they deny our businesses opportunity to borrow. Mr. Deputy Speaker, Sir the interest rates for the last six to eight months have been going up. When the borrowing rates goes up, it also becomes expensive for the business community to thrive and to create more opportunities for our youth."
}