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{
    "id": 1439467,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1439467/?format=api",
    "text_counter": 777,
    "type": "speech",
    "speaker_name": "Suna West, ODM",
    "speaker_title": "Hon. Peter Masara",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I rise to support the Report of the Public Debt and Privatization Committee and commend them for the job well done. My main concern is about the money that has been injected into Kenya Airways for a long period of time using public money. It is true that we are not seeing any return to the public on whatever has been invested, First, I request the Committee to go ahead and request Kenya Airways to give us the total value of their assets. This is because we cannot over-invest money in a company whose total value might be more than what we are investing. Secondly, the National Treasury needs to come out clear on the issue of our debt portfolio. This is because, at a given point, you realise from the Report that they were estimating a huge figure based on the exchange rate. However, when the value of the dollar scales down, they still need a lot of money to finance our debt portfolio. In the Committee’s recommendation, you will realise that despite the National Treasury appearing before them and defending their document, the Committee was not certain about what the Ksh200 billion was going to be used for. Was it allocated for the redemption of the Treasury Bill shortfall in 2023/2024? This is an indicator that there is no transparency in how our debts are being managed. Therefore, I support the Committee on the issue of creation of regulations on how our debt portfolio can be managed in this country. Hon. Temporary Speaker, as a concerned citizen, I am also worried. When you compare our debt portfolio in the Budget and the expenditure on development and recurrent, the percentage given by this Committee is worrying. A serious economist will tell you that our country cannot sustain its budget. That is the reality. Therefore, this country needs to get its priorities right. Do we need to continue buying new vehicles? Do we need to continue renovating State houses and State lodges with billions? Do we need to spend a lot of money on hospitality? Do we need to refurbish houses which are there? Where are our priorities? The character of true leaders is seen when a country is in a crisis like this. Given the opportunity to govern this country, I would declare that nothing new should be done until we balance the debt portfolio and our income. If we do not do that, the public will continue paying taxes while crying yet the amount spent on debt does not match development. This means there is no hope for the citizens of this country. I urge every leader to reflect on this matter so that we can redirect spending towards essential projects that drive economic growth. We need to invest more in projects which can spur economic development in this country. We should not just invest for the sake of it but for the economy to stabilise. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}