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{
    "id": 444434,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/444434/?format=api",
    "text_counter": 138,
    "type": "speech",
    "speaker_name": "Hon. Musyimi",
    "speaker_title": "",
    "speaker": {
        "id": 95,
        "legal_name": "Mutava Musyimi",
        "slug": "mutava-musyimi"
    },
    "content": "The first one is on the issue of the cost of the Euro Bond. Let me just assure hon. Members that the facility that we are getting is cheaper by the mile. If we were to access that money from the domestic market, it would have enormous negative impact to our economy. The bank interest rates would go through the roof. It would also affect the strength of our currency negatively. So, this is something for which we must commend the President and the Executive generally. We need to be assured that this is in the best interest of the country. Hon. Speaker, regarding the Anglo Leasing payments, as I said yesterday, the payment was based on fraudulent transactions. We know that but in Christian theology, there is something we call “the lesser of two evils”. This was not a choice between good and bad. It was a choice between bad and worse. Failure to pay would have had far worse implications for this country. So, we commend that decision and support it. My second and final point is that when the Cabinet Secretary, National Treasury, appeared before my Committee last week, soon after the issue of the Euro Bond in the United Kingdom, we asked him: “What did the investors say about Kenya? What were they concerned about as they sought to invest in Kenya”. He mentioned three things. The first two did not surprise me much. Obviously, we are all concerned about the issue of insecurity. The investors are concerned about the insecurity situation in the country but obviously, they see it as a passing thing. If they saw it as something that would be permanent, obviously, they would not invest. So, we need to sort out the issue of insecurity for our own children and ourselves. The investors also expect us to put this matter to bed as soon as possible. Hon. Speaker, the investors were also concerned about the financial deficit. We need to be aware of this as we deal with the Supplementary Estimates and other expenditure. Finally, the thing that really caught my attention is that they were concerned about devolution, and I thought these people really do their homework. Why would they be concerned about devolution? I then remembered the conversation I had with Christine Lagarde, the Managing Director of the International Monetary Fund (IMF). Her concern was that we need to be very careful how we roll out devolution. 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."
}