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{
    "id": 1592115,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1592115/?format=api",
    "text_counter": 472,
    "type": "speech",
    "speaker_name": "Tharaka, UDA",
    "speaker_title": "Hon. George Murugara",
    "speaker": null,
    "content": "Allow me to support this Report by the Select Committee on Public Debt and Privatisation, chaired by Hon. Shurie. They have done a good job. We need such reports from time to time so that we know the position of the country when it comes to public debt. We know very well that quite often we are crippled by public debt. Sometimes we are told that the country is on the verge of receivership. That is, we are not able to pay our debts, and our lenders may make a run on us, as a result of which we would possibly go under, just like the other countries have. There is a belief that public debt is now going down, and that means there may be money that we would have used for public debt, which will now be used for development. We are currently in the process of preparing the Budget, and it is a concern to everyone that most of our revenue is allocated to recurrent expenses. That recurrent expense includes the Consolidated Fund Services, which is for repayment of our debts, whether international or local, and payment of other recurrent expenses. In fact, we now need to assess our current financial situation, including our available funds and our expenditures, both recurring and for debt repayment. As a matter of fact, we need to look at how much we have and how much we must spend both on recurrent expenditure and debt repayment because Kenyans are anxious since they do not see the development they ought to see. In spite of the observations made by experts like Hon. Makali Mulu, who noted that we may be buying or trading with our own money, visible development is reaching the rural constituencies. We must unlock the stalled projects and roads that have caused anxiety among our constituents. Many of them were promised tarmac roads whose construction began but later stalled. At the very least, we are now unlocking part of this money by whatever means to ensure that contractors return to the sites and we realise the roads we were promised or which we, as leaders, promised ourselves. Interest rates are a concern. Unfortunately, money is expensive and the cost of borrowing is interest. As Hon. Shurie and his Committee make recommendations on the broader issues, I urge them to look at the interest rates and advise on the most feasible ways of borrowing in less expensive ways, either through grants or by leveraging public-private partnerships (PPPs) to avoid incurring unsustainable interest, which is becoming increasingly worrisome. The Treaty Making and Ratification (Amendment) Bill is before this House. It will ensure that this House is involved in all agreements from inception to conclusion, particularly loan agreements or borrowing above Ksh1 billion. This is a good law because it will ensure that this House monitors how we borrow. These are good recommendations. They should not become dead recommendations but recommendations that help our economy as it grows. With those few remarks, I support the Motion for adoption of the Report."
}