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{
    "id": 1593012,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1593012/?format=api",
    "text_counter": 480,
    "type": "speech",
    "speaker_name": "Suba South, ODM",
    "speaker_title": "Hon. Caroli Omondi",
    "speaker": null,
    "content": " Thank you very much, Hon. Deputy Speaker. I just want to raise a few issues on the accuracy of some of the statements in this Report. I also invite the Committee to inform the House as to why they cannot report on additional matters that I think are pertinent to enable this House to deliberate effectively. I have noted under paragraphs 90, 91 and 92 that the securitisation of the RMLF is ongoing. The way it is reported here, it appears that this is a process that is ongoing. I think over Ksh65 billion has been raised under the securitisation programme and actually disbursed to the contractors. It is, therefore, not clear to me whether the Ksh175 billion is additional to the Ksh65 billion that has already been raised. It would be important to get some clarification on this matter. I share the same sentiments as Members of the Committee. Securitisation is just consuming what you do not have ahead of getting it. A classic example of a country that has gone that route is Angola. They used their oil revenues to securitise and invite the Chinese to build 700 kilometres of roads and apartments for them that nobody has ever occupied. It always ends up in tears. Nonetheless, I think the Committee would do us more justice if in future they give us a flavour of what the debt sustainability framework for Kenya is. In other words, there is a lot of numbers here and narratives, but we are not seeing a debt stress analysis or a cash flow stress analysis. I think we need to see something like that, which will wake everybody up. It has been suggested that we are likely to default in six months, one year or in two years’ time. As it is today, by reading this you can tell that there is a problem coming but you cannot predict when. This is because the analytical tool is missing. I am sure that we have very competent personnel who can give us a debt stress test and cash flow stress test for Kenya, to ascertain whether we are a going concern or we will soon be bankrupt. On TSA, I am aware that there is e-Citizen. I would have loved to hear something from the Committee as to how the e-Citizen framework will interface with the TSA once the idea is embraced. This is because I think there are some connections there but I am not seeing that. Finally, on the Kenya Airways issue, where we have inherited private sector debt or a company that is strategic or of national importance, but somehow held by the private sector. There is a clear case of conflict of interest here. Probably, the Committee was shy to talk about it but, as Parliament, we need to share this information out. Why is it that it was only Kenya Airways that was guaranteed that amount of money? Why? What is the Committee recommending about it? Thank you very much, Hon. Deputy Speaker."
}