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{
    "id": 420230,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/420230/?format=api",
    "text_counter": 221,
    "type": "speech",
    "speaker_name": "Hon. Musyimi",
    "speaker_title": "",
    "speaker": {
        "id": 95,
        "legal_name": "Mutava Musyimi",
        "slug": "mutava-musyimi"
    },
    "content": "Facility programme and the Central Bank activity in the foreign exchange market. However, the risks to the exchange rate include oil price volatility as well as increased importation of goods. The BPS envisages high import demands for capital goods; and therefore care ought to be taken to ensure that the official foreign exchange reserve position is maintained above the statutory four months level in order to cushion the country against exchange rate volatility. Hon. Temporary Deputy Speaker, my Committee notes that the end of the three year arrangement of IMF support under the Extended Credit Facility implies that the country could be vulnerable to shocks. Going forward, export led growth strategy will be necessary. With regard to public debt, the fiscal stance envisages continued borrowing from domestic and external sources with the later being largely on concessional terms. It is important for government to restrict growth of public debts. A look at the key components of Recurrent Expenditure shows that interest payments will take second largest component of Recurrent Expenditure over the next three years. There is a noted increase in foreign interest payment. It can be observed that the ratio of public debt to GDP is to stand at 52.2 per cent, 55.8 per cent, 53.3 per cent and 50.4 per cent respectively in 2012/2013, 2013/2014, 2014/2015 as well as 2015/2016 respectively. The slowdown in the debt ratios could largely be explained by the high envisaged growth rate, which if not realized may result in a higher debt to GDP ratio."
}