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"content": "Mr. Deputy Speaker, Sir, the Kenyan Government stands out internationally as a Government, which has been extremely responsible for honouring its obligations in terms of repayment of loans, except at one period that people remember. From about 1992 to 1999, as you know, when this country’s fiscal discipline went into chaos we had a lot of problems. If you remember, interest rates went as high as at 86 per cent and most of our businesses, particularly those that depended on external loans went under. Mr. Deputy Speaker, Sir, I remember as the Minister for Planning and National Development in the year 2003, this was one of the things that we were to grapple with in the economic recovery strategy for wealth and economic creation. One of the reasons why we called it a recovery was because this country had actually gone into a very interesting but sad situation, where we had negative growth rate. Now, you know when you have negative growth, you are almost in the intensive care unit, as far as the economy is concerned. I must say that the NARC Government did very well to resurrect the economy and rise from negative to five per cent and seven per cent growth rate by the time the NARC finished its term. Unfortunately, during the post-election violence we went back. But I must commend my colleague, the current Minister for Finance that he has been extremely stable in trying to ensure that fiscal and monetary policies in this country are in good stead. Mr. Deputy Speaker, Sir, therefore, when the Government is making this particular request regarding borrowing and increasing the parameters for borrowing, I think there is evidence that the Government has performed responsibly in using loaned money and credit. Therefore, the country risks no major problem in doing so. But much more than that, if we are going to continue to finance our infrastructural credits, which really have started to lay the fundamental framework for meeting Vision 2030, we must expand parameters for borrowing; any business cannot run without loans. Once you get money on credit, you must continue servicing it. Therefore, I think the Minister has made a timely and responsible move to bring this matter to Parliament, as indeed, no such thing can be done without approval of the National Assembly. Therefore, I would really like to request the National Assembly to support the Minister’s request and make sure that as we move towards devolved Government next year we will have a sound basis for financing our expenses and expanding the economy. Mr. Deputy Speaker, Sir, finally, let me say that if you look at all the data in the report on Kenya’s Economic Survey, this country is poised for a take-off, which has been held back for some time. But everything points to the fact that we are poised for a take- off. This take-off really depends on the political economy of our nation. By political economy, I mean that what we get as data for economic growth cannot be sustained outside the parameters of good governance. Therefore, as we move to the elections, let me appeal to the nation; let us carry out this exercise responsibly, peacefully and democratically. It will reinforce our political economy, and will add to the output and outcome of what the Minister is asking for. So, I would like to second the Motion and ask the National Assembly to support it."
}