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{
    "id": 246146,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/246146/?format=api",
    "text_counter": 213,
    "type": "speech",
    "speaker_name": "Mr. Okemo",
    "speaker_title": "",
    "speaker": {
        "id": 198,
        "legal_name": "Chrysanthus Barnabas Okemo",
        "slug": "chrysanthus-okemo"
    },
    "content": "I am sorry, Mr. Temporary Deputy Speaker, Sir. If you look at the analysis, the Budget deficit this year is Kshs146 billion. Now, there is an itemised list of how that deficit is going to be financed. I would like Mr. Kenneth to come after this and I will show him what I am talking about. There is an item that shows that roll-overs amount to Kshs51.6 billion. But what you are calling new borrowing is Kshs29.5 billion. It is a question of semantics! Both are domestic borrowing. That is all I am saying. So, domestically, we are borrowing Kshs51.6 billion. It is then renewed. Then Kshs29.5 billion is new borrowing. If you add the two, you will get a total borrowing of about Kshs80 billion. That is the point I am making. We are not disagreeing. Mr. Temporary Deputy Speaker, Sir, the Minister, in his Budget Speech, said that the rate of inflation today is 13 per cent. There are certain measures that outline the borrowing that I have talked about. Nobody has mentioned what effects that borrowing will have on the rate of inflation. Even the gains that we may make from expansionary spending by the Government may be completely \"eaten\" up by the inflation that will arise out of the proposed domestic borrowing. Mr. Temporary Deputy Speaker, Sir, I would like to say that transparency in the procurement of goods and services by the Government must be enhanced. We are going to approve Kshs172 billion for the Government to spend. Are procurement regulations being followed to the letter by both the Government and parastatals? They are not being followed strictly. The Government needs to look at that very carefully. We do not need to wait until the Public Accounts Committee (PAC) receives the Report from the Controller and Auditor-General. That is because we will be dealing with an after-event. I would like to appeal to the Government to ensure that accountability is taken care of. Thank you."
}