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{
    "id": 464540,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/464540/?format=api",
    "text_counter": 43,
    "type": "speech",
    "speaker_name": "Hon. Wetangula",
    "speaker_title": "",
    "speaker": {
        "id": 3036,
        "legal_name": "Timothy Wanyonyi Wetangula",
        "slug": "timothy-wanyonyi-wetangula"
    },
    "content": "THAT, aware that according to Central Bank of Kenya estimates, Kenya’s public debt has now hit 50% of GDP with the Gross Government Domestic Debt increasing by Ksh141.4 billion to Ksh1.0 trillion on April 5, 2013, from Ksh858.8 billion at the end of June 2012 and an external debt load of Ksh800 billion, taking the total National Debt Burden to a high of Ksh1.8 trillion or half of the Ksh3.6 trillion economy; deeply concerned that the Government is forced to spend more to service the loans ultimately increasing the Government’s recurrent expenditure and crowding out the development budget; aware of the massive shortfall in revenue collection and slow disbursement of donor funds forcing the Government to dishonour its public debt obligations; noting that the burdens and benefits of the use of resources and public borrowing must be shared equitably between present and future generations, this House, pursuant to Article 211 (2) of the Constitution, resolves that within seven days, the Cabinet Secretary responsible for Finance submits to the Finance, Planning and Trade Committee all relevant information regarding all loans and publicly guaranteed debts, including the extent of total indebtedness by way of principal and accumulated interest, the use of the loan profits, the provision for repayment and progress thereof, and the legal framework to guarantee borrowing."
}