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{
    "id": 1544446,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1544446/?format=api",
    "text_counter": 79,
    "type": "speech",
    "speaker_name": "Sen. Methu",
    "speaker_title": "",
    "speaker": {
        "id": 13581,
        "legal_name": "Methu John Muhia",
        "slug": "methu-john-muhia"
    },
    "content": "Thank you for your protection, Mr. Speaker, Sir. I see my colleagues are excited that I am now very busy. I am no longer a Chairman, so I have a lot of time. Mr. Speaker, Sir, I rise pursuant to Standing Order No.53(1) to seek a statement from the Standing Committee on Finance and Budget regarding the rapid increase in Kenya's public debt and its implications for the economic stability, financial sustainability and service delivery. Kenya's total public and publicly guaranteed debt has surged to Kshs11.02 trillion as of January, 2025, accounting for 65.7 per cent of the Gross Domestic Product (GDP). This level of indebtedness exceeds the 55 per cent GDP threshold recommended under the Public Finance Management (PFM) framework. The rapid accumulation of debt is compounded by ballooning debt servicing costs, persistent fiscal deficit and reliance on external borrowing. Of particular concern is that bilateral debt stands at Kshs1.09 trillion, of which China holds 62.6 per cent. The country now faces the risk of being trapped in a debt cycle that threatens national sovereignty, economic growth and service delivery. In the Statement, therefore, the Committee should address the following- (1) The measures being taken by the Government to ensure that Kenya's public debt remains within sustainable levels or safeguarding national development priorities. (2) The strategies in place to balance borrowing and revenue collection, particularly in light of Kenya's continued dependence on external financing for key infrastructure projects. (3) The status of physical consolidation measures aimed at reducing wasteful Government expenditure and enhancing domestic revenue mobilisation."
}