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{
    "id": 1525033,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1525033/?format=api",
    "text_counter": 970,
    "type": "speech",
    "speaker_name": "Kilifi North, UDA",
    "speaker_title": "Hon. Owen Baya",
    "speaker": null,
    "content": " Thank you very much, Hon. Temporary Speaker, for giving me an opportunity to contribute to the Medium-Term Debt Management Strategy Paper. It is high time that this country implemented the TSA strategy. That way, we will ensure that Government money remains Government money, and the Government will not have to pay interest on it. There are times when the Government borrows its own money. Government funds are scattered in different commercial banks, and the Government goes there asking for loans. The commercial banks accumulate Government money, and lends it to Government entities at commercial interest rates. That is how the Government incurs and accumulates public debt. We must, therefore, implement the TSA strategy to evade the situation we are currently in with commercial banks. Currently, the domestic debt is bigger than the external debt. Commercial banks are making hefty profits of up to Ksh14 billion annually. You ask yourself where these profits come from when Kenyans do not have money, given the little borrowing that happens in this country. It is actually the Government which gives commercial banks the hefty profits they declare annually. Therefore, the TSA strategy must be adopted and maintained. The other day, I listened to Hon. John Mbadi on Spice FM during the Situation Room programme discussing the Kenyan debt. He indicated that we are already indebted to the Eurobond until 2034 because of how we are managing our debt."
}