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{
    "id": 1524973,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1524973/?format=api",
    "text_counter": 910,
    "type": "speech",
    "speaker_name": "Marakwet East, UDA",
    "speaker_title": "Hon. Kangogo Bowen",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I am a Member of the Liaison Committee. We had a long discussion with the National Treasury on the Medium-Term Debt Management Strategy, which is a global practice on how governments manage their debts. Debt management in Kenya has been kept secret from the public for a while. Many Members of this House do not understand how it is carried out in the National Treasury. We observed that the country's debt stands at Ksh11.2 trillion, which is equivalent to 65.7 per cent of our Gross Domestic Product (GDP). It is almost 10 per cent above what this House approved. I want to highlight a few issues out of what the National Treasury presented. The National Treasury is going to borrow close to Ksh832 billion to close the deficit for the Financial Year 2025/2026. They will do that through foreign borrowing at 35 per cent and domestic borrowing at 65 per cent. One issue that came out very clearly is that as a country, compared to other jurisdictions like Tanzania and Uganda, we do not have a debt committee. Our debt is just managed by a few individuals at the National Treasury. We told the National Treasury yesterday that there is need for the National Treasury, the Central Bank of Kenya (CBK), and the Office of Controller of Budget to form a team, together with the Office of the Attorney-General of Kenya to manage our debts as a country. Second, is on debt procurement. This is money we are borrowing. The National Treasury must be subjected to a procurement process like any other procurement process in the country. We have a deficit of Ksh832 billion. The National Treasury should advertise the tender, conduct public participation and procure in an open process. This is so that we can know the rate at which we are getting funds from our local banks like the Kenya Commercial 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."
}