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{
    "id": 1545122,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1545122/?format=api",
    "text_counter": 172,
    "type": "speech",
    "speaker_name": "Sen. Mungatana, MGH",
    "speaker_title": "",
    "speaker": null,
    "content": "Mr. Deputy Speaker, Sir, having said all that, people should not imagine that debt is a bad thing. Debt is a very important tool for economic development, but it has to be sustainable. It has to be managed in a manner that will give results that are intended. Prof. Njuguna Ndung’u, our former Cabinet Secretary in charge of the National Treasury and Economic Planning, has explained this very well, even in his academic writings, that debt in itself is not a bad thing, but are we managing it well? Are we doing well as a country? Like the previous speaker said, our public debt stock has risen so much. As of January, 2025, the total public and publicly guaranteed debt stock in Kenya was standing at Kshs11.02 trillion. This is projected to rise further and we are told from the report that by June, 2027, it is projected that this public debt and the publicly guaranteed debt will go to Kshs13 trillion. Are we doing well in terms of managing our debt? I believe we have a problem and that is why today, I am very proud of the report and the recommendations made by our Senate Committee. Mr. Deputy Speaker, Sir, the debt in itself, the debt stock and the servicing have great costs. In Kenya, these costs continue to rise with the rise in the stock of public debt and the publicly guaranteed debt. I believe the recommendations that have been put need to be implemented at the highest speed possible. Some of these recommendations have to do with transparency. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}