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{
    "id": 435371,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435371/?format=api",
    "text_counter": 159,
    "type": "speech",
    "speaker_name": "Hon. Waweru",
    "speaker_title": "",
    "speaker": {
        "id": 1378,
        "legal_name": "Dennis Kariuki Waweru",
        "slug": "dennis-kariuki-waweru"
    },
    "content": "I was being led by the Majority Whip. It is important that we put our opinions on this Bill. On the outset, I want to say that I fully support it because it will give the Government a way to be able to raise necessary funds for our infrastructure. There was an hon. Member who I think was talking about Clause 5(c), when he was talking about funds being paid directly. The reason why we are doing a Euro bond is because we cannot raise money locally. This market is having a foreign component that is either Euro or Dollar dominated. We are going to be able to get the necessary FOREX that we need to settle our infrastructure that in most cases has a foreign component in it. That is why I would want to support it. The second reason why I want to support this law is because it is going to enable the Government to borrow outside the country, so that we can let the private sector access the necessary funds and move this economy to the next level. I want to say we have been looking for a time when our Government can keep away from the domestic market so that the private sector can borrow and we can get some growth in the economy. The other reason why I think it is a good law is that it will allow some of our Kenyans who are suffering because of very high mortgages, especially some of our hon. Members and the general public, to see a reduction in the rate of interest. We are going to get a minimum of 2 per cent to 5 per cent reduction in the cost of money in this country with this law. And the benefit, of course, is going to be a cheaper cost of living for Kenyans. We are going to do infrastructure. So it is very important. Hon. Speaker, the other reason why I think it is a good law is that nowadays if you want to borrow, the world economy because of globalization, Kenya is a major participant in this economy. So, this is just a beginning. We are doing the Euro bond and it is the way to go, going forwards. We cannot finance most of our infrastructure by keeping borrowing locally. I want to encourage the Government to keep borrowing outside and to structure many more other transactions to move this country to the next level. I know most Kenyans are wondering why we are advocating for the Government to start sourcing funds outside. I know it needs to do other Thika roads. We need to do the 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."
}