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"speaker_name": "Hon. G.W. Omondi",
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"legal_name": "George Washinton Mallan Omondi",
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"content": "budget-making process. The Treasury assumes that this House does not check or go through whatever they present to the House. But if such a paper is brought, or if such a thing is done to try to justify why the estimate is taking place, then Treasury will be more careful. Hon. Temporary Deputy Speaker, it would appear that the indiscipline that is evident in the Treasury could cause us a lot of problems. Currently, we are happy that the sovereign bond was successful and this may lead us to not over-borrow. Hon. Ng’ongo had mentioned that we seem not to have proper debt management mechanisms. I want to say that there would be a problem if we over-borrow because that must have been brought in with this sovereign bond, which is a double edged sword. Given indications of what is going on at the Treasury, maybe, they may not know how to manage this debt very well. The debt may bring money into the market which may then create inflation. That would then force the Treasury to go into the market to mop up excess funds which would again raise the interest rates, which the Government is trying to lower. Alternatively, because of this indiscipline and maybe lack of proper debt management mechanisms in the Treasury---"
}