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{
    "id": 1545142,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1545142/?format=api",
    "text_counter": 192,
    "type": "speech",
    "speaker_name": "Sen. Oketch Gicheru",
    "speaker_title": "",
    "speaker": null,
    "content": "Looking at the Report that we have, we have been told as a Parliament, to be comfortable that our gross--- Let me get it because I do not want to say things that do not exist. This is what has been proposed, that we be comfortable with a gross financing ratio of 25:75. That means that 25 per cent is going to the external debt market and 75 per cent to the domestic borrowing market. Last year, we said that that gross borrowing must be 50 per cent. How is it proposed to be 75 per cent now? The net financing strategy is 35 per cent to 65 per cent. This means that where Parliament has become comfortable in becoming a rubberstamp in this process, the Executive also becomes comfortable that they can increase the domestic debt borrowing because it is easy and quick money to get. They can keep on increasing it. That is what we have become. We are a mere rubberstamp in this process of budget- making. When you increase the Domestic Public Borrowing, you are killing Keroche Breweries. It is not possible for Keroche Breweries to borrow and compete with the Government because the Government borrowing is going to be lucrative for the commercial banks. Today, you are killing Bata, Safaricom and choosing to kill all the businesses that I see thriving in this economy."
}