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{
    "id": 479810,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/479810/?format=api",
    "text_counter": 215,
    "type": "speech",
    "speaker_name": "Hon. Lati",
    "speaker_title": "",
    "speaker": {
        "id": 2762,
        "legal_name": "Jonathan Lelelit Lati",
        "slug": "jonathan-lelelit-lati"
    },
    "content": "Hon. Speaker, the other thing that is silent in this Bill is the Sovereign Wealth Fund. All the countries that have had minerals--- I am very optimistic that our country is moving towards being a mineral rich country particularly with the discovery of oil in Turkana. I am very sure the next one will be in Samburu--- I know for sure that the oil that is in Turkana comes from Samburu because it flows downwards. I think I will be proved right very soon. However, today as we speak there are a lot of chromites in Samburu in a place called Kangura and we need to find a way as a country to mine it. If we look at all the countries that have minerals or have budget surpluses on trade, there is a special fund called the Sovereign Wealth Fund. If you look at our Constitution, it establishes all other funds such as the Equalisation Fund, the County Revenue Fund, the Consolidated Fund but it lacks the establishment of Sovereign Wealth Fund. I wanted to bring that Bill to the House but I am told somebody else is bringing it. I think that is something very important. Although we do not have trade surpluses or budget surpluses with these national resource discoveries in our country, we need the Sovereign Wealth Fund because it will help to diversify the revenue strings for our country, particularly when these minerals are exhausted."
}