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{
    "id": 1557783,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1557783/?format=api",
    "text_counter": 132,
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    "speaker_name": "",
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    "speaker": null,
    "content": "What am I saying in short? It is not that the National Treasury does not want to honour the commitments I make to this House. Sometimes you have to balance the needs that come before you. We all know that we had to struggle after the Gen-Z agitation. This economy was shut for almost two months. That affected revenue collection. Worse still, we have not been able to receive external finances until now. Fortunately, the doors are now opening for external resources. I was very sure that we were going to get external resources by February or March when I made this commitment in December. Unfortunately, that has delayed. For example, the seventh and eight review of the International Monetary Fund (IMF) programme delayed. The seventh review was supposed to come in March but it did not happen last year. It did not happen in May, July and September. It happened in November when we combined the seventh and eighth review and got payments from IMF. After that, it was not practical to prepare for the ninth review. We mutually agreed to let go of the ninth review and start another programme. The US$764 million, almost Ksh100 billion, we were to get from IMF is not coming. We had to adjust. The World Bank disbursement of US$600 million is coming in June. Why? Because this House and the Senate in a way delayed in passing the Conflict of Interest Bill of 2023 which was a condition. We thank you for finally passing the Bill. World Bank could not give us money until that Bill was passed. That Bill has just been passed and we thank you for it. The situation is now unlocking. Today, I was with the World Bank representative. It is unlocking US$600 million to us. Another amount that has not come is the African Development Bank loan of US$265 million. Fortunately, it is coming in a week’s time. All the conditions and precedents have been realised. I want to tell you and report here today that we have not made any commission loan borrowing this financial year. We have not borrowed any money commercially. The money that we borrowed was to manage a liability. It is as if we used a Eurobond to payoff Eurobond coming in 2027. We did that because we want to be proactive. We do not want to work as we did before, which put us in problems. Now, we have paid Eurobond that is due in 2027. We realised it was going to cause shocks in our economy if we delayed it. We have not borrowed any money except locally in the domestic market and within the framework. That is why the interest rates are as you see today. One year ago, a 91-day Treasury bill was selling at 16 per The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}