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{
    "id": 1592098,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1592098/?format=api",
    "text_counter": 455,
    "type": "speech",
    "speaker_name": "Kilifi North, UDA",
    "speaker_title": "Hon. Owen Baya",
    "speaker": null,
    "content": " I want to commend the Public Debt and Privatisation Committee led by Hon. Abdi Shurie for the good job they have done. I also want to commend each and every Member of the Committee. Debt is one of the issues that we grapple with as a country all the time. This government came to power with the promise of reducing the public debt. One of the very unpleasant things about the previous regime was debt. It borrowed money but there was nothing to show for it. There was a clarion call for change because Kenyans felt burdened by debt. One of the interesting things that we must note and take immediate action on is that we have over one trillion shillings of unutilised loans lying in our banks. Money was borrowed, commitment fee was paid, interest is accruing and yet the Ministries, Departments and Agencies (MDAs) are not utilising the money just because it was borrowed without a plan. That hurts the economy. The reason why we have a problem of cash flow is because debt payment is a first charge on the Consolidated Fund. When it is a first charge, you will accumulate all the money, take over 80 per cent and give it out yet you have money lying in a bank. The Hon. Shurie-led Committee should ensure that this money is disbursed and we get value for it. I do not want to use the word “foolhardy” but I think it is foolhardy. We borrow what we do not need and burden taxpayers with commitment fees. When we get to a level where Exchequer is not available, like in the case of the National Government Constituencies Development Fund (NG- 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."
}