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{
    "id": 435201,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435201/?format=api",
    "text_counter": 420,
    "type": "speech",
    "speaker_name": "Hon. Bitok",
    "speaker_title": "",
    "speaker": {
        "id": 2372,
        "legal_name": "Stephen Kirwa Bitok",
        "slug": "stephen-kirwa-bitok"
    },
    "content": "Hon. Temporary Deputy Speaker, thank you for giving me this opportunity to contribute to this amendment to the Public Finance Management (PFM) Bill. I consider it an opportunity for this country to be able to source funds to assist in its development. It has been a bit tricky and difficult to enhance development given that sources of funds and the capital markets have not been developed to a level which can allow other sources, especially external, to be incorporated into our financial system. It is true that our country is lagging behind in terms of infrastructure and other development aspects. Allowing the sovereign bond to be floated outside this country will allow our citizenry and the country to finance their activities. We realize that funds are scarce and the governance structure of our country at the moment requires a lot of capital inflow so as to assist in alleviating scarcity of funds. The growth of domestic capital markets is hindered by the way we handle the borrowing; the Government borrows the lion’s share of domestic market resources and starves local market. It denies it resources that could be used to develop the economy. I support this innovative idea; given that the world is a global village of some sort, it will give us a leeway to ensure that our people and the Government act in way that will allow development. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}