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{
    "id": 158191,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/158191/?format=api",
    "text_counter": 18,
    "type": "speech",
    "speaker_name": "Mr. Kenyatta",
    "speaker_title": "The Deputy Prime Minister and Minister for Finance",
    "speaker": {
        "id": 168,
        "legal_name": "Uhuru Muigai Kenyatta",
        "slug": "uhuru-kenyatta"
    },
    "content": " Mr. Speaker, Sir, with your permission now, I beg to move. The Budget for the Financial Year 2008/2009 that was presented to this House on June of 2008 was formulated within a fiscal framework aimed at achieving and sustaining macro-economic stability for laying a firm foundation for reducing unemployment and poverty as envisioned under Vision 2030 Medium-Term Plan. The assumptions underpinning the fiscal framework included an average economic growth of 5.8 per cent for the Financial Year 2008/2009, sustained and enhanced performance of exports and domestic demand and, indeed, sustained political stability. Mr. Speaker, Sir, the Budget, as presented to Parliament, was made of Recurrent and Development Expenditure amounting to Kshs759.7 billion, of which the net expenditure to be financed amounts to Kshs673.5 billion. This expenditure was to be financed with receipts of Kshs546.5 billion comprising of ordinary revenue of Kshs467.9 billion, Appropriations-in-Aid (A-in-A) of Kshs44.8 billion and donor project grants of Kshs33.8 billion. This left a deficit of Kshs127 billion which we had planned to finance with proceeds from the sovereign bond of Kshs33.6 billion, external borrowing of Kshs25.2 billion, privatization proceeds of Kshs8 billion, domestic long term infrastructure bond of Kshs18.5 billion, net domestic borrowing amounting to Kshs41.6 billion; including refinancing of Kshs5.7 billion."
}