Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1503177,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1503177/?format=api",
    "text_counter": 417,
    "type": "speech",
    "speaker_name": "Kathiani, WDM",
    "speaker_title": "Hon. Robert Mbui",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I rise to also add my voice to this amendment to the Public Finance Management Act. First, I want to agree with and support the amendment of Section 194 of the Principle Act, which is Clause 3 of this Bill. This section basically talks about moving from cash accounting to accrual accounting. I have attended a few functions with the Institute of Certified Public Accountants of Kenya (ICPAK), and that has been their proposal. If the accountants of Kenya, among them our chief accountant, the Leader of the Majority Party, think it is a good system, it may be a good idea to move our country towards that direction. But I have serious questions about the issue of the second amendment, which has all to do with the matter of borrowing. Previously, we used to have a system where there was a relation between our debt and GDP. It later changed, and we moved to a fixed figure. I remember we talked about Ksh7 trillion at some point; it went to Ksh9 trillion, then we went back again and said we were going to deal with the issue of debt to GDP ratio, and I think it was set at 55 per cent. But I have looked at the way the law is, and I am comparing it with the amendment that we have, and I am asking myself some serious questions. If you look at what Clause 50 says, and that is on the obligations and restrictions on national Government guaranteeing and borrowing, (2C) says that the Cabinet Secretary shall, not later than five years from the date of coming into force of subsections (2A) and (2B) take measures to ensure that borrowing by the national Government complies with the threshold set out in subsection (2A). Now, the proposed amendment reads similarly that the Cabinet"
}