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{
    "id": 216233,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/216233/?format=api",
    "text_counter": 45,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": "Mr. Speaker, Sir, as hon. Members are aware, we recently received a very positive sovereign credit rating, in fact, a B plus from Standard and Poor's (SAP) which basically signalled to us that the country can tap the international capital markets, for money. More importantly for us, it is not just the Government but our private sector can also start tapping capital from the international market. Apart from financing our own infrastructural needs, we are also issuing this bond as part of our benchmarking exercise to facilitate our private sector to issue similar bonds in the international market. When you issue a bond, it means that you will basically provide funds at a certain rate. Kenya is in the league of countries that have been rated with a B plus which, I must say, is top of the range apart from countries that have resources like Nigeria and South Africa. When countries that are rated that way, because they have never defaulted on their debts, the interest rates will technically not be more than 6.5 per cent. We believe that it is a better way of internationalising our domestic debts. It is cheaper and it also opens the doors for our private sector to tap money from the foreign markets. I believe that, that is a better situation."
}