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{
    "id": 509199,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/509199/?format=api",
    "text_counter": 282,
    "type": "speech",
    "speaker_name": "Hon. Aden",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Hon. Speaker, the other question I want to raise is that: Why are we being asked to raise this debt to Kshs2.5 trillion when both scenarios given to us indicate that all that Treasury needs is actually different? Scenario one shows that it is Kshs8 billion more that is needed while scenario two indicates it is Kshs30 billion more that is needed. Actually, Kshs1.23 trillion should be adequate to meet the requirements that are needed by Treasury right now. Why are they asking for Kshs2.5 trillion? The other thing is that the total requirement for the development plan which has been listed here, which includes the energy sector, the railway, the Lamu Port and South Sudan Ethiopia Transport Corridor (LAPSSET) project and the generation of 5,000 megawatts of power, is Kshs5.72 trillion. We are being asked to raise the debt ceiling to Kshs2.5 trillion, yet the requirement is Kshs5.7 trillion. The obvious thing that is going to happen is that in a very short time, Treasury will come back to us and say they need an additional Kshs2.5 trillion debt ceiling. We have to be very careful. The Committee admits in its own Report under the Committee’s observation No.20 (7) that: “Indeed, in so raising the ceiling, there is a huge risk of inflation shooting off the roof.” The Committee itself is admitting that, indeed, this is a risk that is there and we have to be very careful. This Parliament has experts in its Parliamentary Budget Office. These experts are the alternative that gives a health- check on our economy. They have said to us even in the public media that, indeed, this is not the right thing to do."
}