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{
    "id": 1524997,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1524997/?format=api",
    "text_counter": 934,
    "type": "speech",
    "speaker_name": "Tinderet, UDA",
    "speaker_title": "Hon. Julius Melly",
    "speaker": null,
    "content": "In effect, this particular strategy is very good. I laud the National Treasury for having come up with it. The document says that we need detailed quarterly reports on the progress with fiscal consolidation as outlined in the 2025 BPS. The 2025 BPS is a policy document giving direction on the Budget for the Financial Year 2025/2026. The Report also provides how to manage our debt. Our debt has grown over the years to around Ksh11 trillion. It is supposed to be managed. Hon. Temporary Speaker, in managing debt, we need to know where we borrow from. If we borrow externally, it means the pool of money is large. Therefore, the loans will be cheaper. If we borrow locally, two things will happen. We will compete with private entities and individuals causing interest rates to rise. Secondly, we will depress the overall development of our economy. If you look at these debts, 65 per cent local and 35 per cent external, they are wrongly skewed. We need to have borrowed more externally and less internally to allow Kenyans and institutions to borrow within, therefore lowering interest rates. Why do we borrow? We need to do it responsibly and ensure accountability. Any money borrowed should be reflected in roads, electricity, healthcare facilities, schools and other facilities that we are borrowing for. That is why the third recommendation on the integration of the Debt Management System with the Integrated Financial Management System (IFMIS) by 31st May is highly laudable. Every time we borrow money, we need to know how it is utilised, the areas it funds and most importantly, the value it brings. At the end of the day, it will be of value to Kenyans. Another recommendation I laud is where most of the institutions like the state agencies bank in local banks, and then the National Government goes to borrow its money. This practice needs to stop. I laud the National Treasury for coming out very clearly on this. It has been recommended that the National Treasury and the Central Bank of Kenya (CBK) should ensure this practice stops. Lastly, we need to digitise and make sure that our borrowing is..."
}