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{
    "id": 1545119,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1545119/?format=api",
    "text_counter": 169,
    "type": "speech",
    "speaker_name": "Sen. Mungatana, MGH",
    "speaker_title": "",
    "speaker": null,
    "content": "Mr. Speaker, Sir, an example that is always given is that of Hong Kong, the sultanate of Brunei and the country known as Timor-Leste. These countries have done something that is doable even in Kenya. Even within the continent of Africa and despite the fact that we have so much debt as a combined continent, there are countries that have managed to secure their financial management systems to the extent that, the debt to GDP ratio has become very small that we laud them as countries that are almost heading towards debt-free status. The Democratic Republic of Congo (DRC) here has a six percent debt to GDP ratio. If you look at Namibia, it has a 22 percent GDP to debt to GDP ratio. The country known as Sao Tome and Principe has a debt to GDP ratio of 32 percent. So, what is this telling us? It is telling us that even Kenya, with the correct approach and with the correct strategy, can become one of those economies that will be celebrated in the continent of Africa as being able to head towards a debt-free status. I therefore commend the Committee of Finance and Budget, led by Sen. Ali Roba, for the fact that they have sat down and looked at possible ways in which we can manage our debt. As stated by previous speakers on this matter, we are not in a good place as a country. In fact, the report shows that we have continued to depend largely on domestic borrowing in this country, which has continued to squeeze credit that would have been available for traders, and would have helped to stir economic development."
}