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{
    "id": 258242,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/258242/?format=api",
    "text_counter": 517,
    "type": "speech",
    "speaker_name": "Mr. Ogindo",
    "speaker_title": "",
    "speaker": {
        "id": 120,
        "legal_name": "Martin Otieno Ogindo",
        "slug": "martin-ogindo"
    },
    "content": "Mr. Speaker, Sir, the other issue I want to tie on this argument is the Finance Bill. The Finance Bill is very critical to this country. The Finance Bill allows the Deputy Prime Minister and Minister for Finance to generate money to fund his Budget. The Budget is service delivery to Kenyans. Time appears to be running out for this critical instrument. I have heard suggestions by the Government that on any event that we do not have the Finance Bill by 1st January, 2012, there are instruments that can be exploited to ensure that revenue continues to flow in. Mr. Speaker, Sir, I want to draw the attention of the House to the fact that when the Minister was presenting his Budget to this House in June, it became evident that our Budget had a deficit of Kshs184.3 billion. With the provisional collection order, which now hangs in the balance, the Government risks refunding Kshs15 billion in the last six months. In the event that the Finance Bill does not pass through, a further Kshs15 billion will have to be forgone. With that in mind, at the end of the financial year, we will be talking about a total Budget deficit of about Kshs216 billion. With that deficit, we will be required to borrow in order to plug that gap. Borrowing will come with increased bank interest rates again. I have heard the Minister canvas that the danger with the Finance Bill lies with the proposed amendment to the Banking Act, which threatens to jeopardise negotiations with the International Monetary Fund (IMF) on a loan that the IMF has committed itself to give this country. Indications are that the loan is in the tune of about US$600 million, which translates to about Kshs50 billion. In the event that we get that money, it will also attract interest. At the rate of about 3 per cent per annum, it translates to Kshs1.5 billion per annum. That is not going to mitigate the huge gap that we are going to have. Mr. Speaker, Sir, therefore, it is my humble proposal that this House remains alive, so that the Minister can continue engaging and widen his engagement so that a solution can be found, so that this country can move forward with Kenyans being clear in their minds that we are indeed addressing their plight. With those few remarks, I beg to oppose."
}