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{
    "id": 1613370,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1613370/?format=api",
    "text_counter": 4410,
    "type": "speech",
    "speaker_name": "Kathiani, WDM",
    "speaker_title": "Hon. Robert Mbui",
    "speaker": null,
    "content": "Despite all that, I also noticed that we still have a budget deficit to the tune of Ksh876.1 billion, which will be plugged by borrowing. About two or three years ago, our political leaders were very categorical that we would not borrow in future. However, we have had to borrow for every single budget that has been brought to this House, and we are still borrowing. I am not saying that borrowing is bad, but there is an amount of borrowing that goes beyond what we can afford to pay. Even the complaints by the Committee about the amount of debt we already have fly in the face of what we are doing. We are borrowing Ksh284.2 billion externally and Ksh591.9 billion from the domestic market. What does that mean? We are crowding out local investors. The minute the Government borrows locally, no money is available for businesses to borrow so that they can finance their activities because the Government is an easier entity to lend to. Borrowing too much money locally crowds out the private sector. That means that in the long run, businesses cannot thrive in this country because they have no access to loan capital."
}