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{
    "id": 435111,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435111/?format=api",
    "text_counter": 330,
    "type": "speech",
    "speaker_name": "Hon. Ng’ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Hon. Speaker, this House will recall that for the first time in the history of this country, we approved that the Government of Kenya can get financing of our Budget from issuance of sovereign bonds. It would be important for this House to note why it is necessary for the Government of Kenya to go that route. First, we need to diversify our sources of funding or borrowing. We need not over concentrate on domestic borrowing. In the past we have had mostly domestic borrowing, external borrowing in Government to Government arrangements, and in certain cases, we have received grants. However, for a long time we have said that we need, as a nation, to start issuing sovereign bonds. The beauty of these bonds is that they are project-specific. If, for example, we want to finance a geothermal project, we float a bond externally to finance that specific project. If we want to finance, say Thika Super Highway from Nairobi to Thika, we will again float a sovereign bond specifically for that project. Therefore, chances are that we will get value for the money that we borrow in that kind of arrangement."
}