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{
    "id": 1461468,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1461468/?format=api",
    "text_counter": 261,
    "type": "speech",
    "speaker_name": "Kinangop, JP",
    "speaker_title": "Hon. Kwenya Thuku",
    "speaker": {
        "id": 13380,
        "legal_name": "Zachary Kwenya Thuku",
        "slug": "zachary-kwenya-thuku"
    },
    "content": "An issue has been mentioned on the Single Treasury Account. As much as we want to take care of local banks, it is self-defeating for every government agency and entity in a country like Kenya to have bank accounts in commercial banks. Looking at our borrowing mix, you will see that the money we borrow is a chunk. Now, proposed domestic borrowing is 55 per cent and foreign borrowing is 45 per cent. This 55 per cent means we will borrow in excess of Ksh400 billion locally. All these monies are going to come from commercial banks. Let us look at its flip side. How much money do we have? Time will distract me. I beg that you add me more time so that I can prosecute my case. How much money do government entities have in commercial banks due to failure to have a Single Treasury Account? We are forced to borrow our own money. The Government keeps on borrowing our money or the Government's money. We must bring the Single Treasury Account to fruition. It must be actualised to save us from borrowing our own money, paying unwarranted interest, and causing interest rates to go high because of the Government's high demand for domestic borrowing."
}