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{
    "id": 509314,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/509314/?format=api",
    "text_counter": 55,
    "type": "speech",
    "speaker_name": "Hon. Bunyasi",
    "speaker_title": "",
    "speaker": {
        "id": 2511,
        "legal_name": "John Sakwa Bunyasi",
        "slug": "john-sakwa-bunyasi"
    },
    "content": "Thank you, hon. Speaker. I will continue from where I left last week. I arose to support the proposed increase, but I said that this is a delicate balancing act. When you look carefully at what happens; you issue an open licence and what happens when you do not issue a licence at all? This is something that should be approved with great care. Indeed, we are at a time when the country needs substantial infrastructural expansion and some of the indicative projects in the proposed portfolio have been outlined there. There is nothing that binds Government to fund those projects that are only indicative; as a way of justifying the proposed increase. Hon. Speaker, when you look at the Medium Term Expenditure (MTE); it is several times the proposed increase. It is, at least, Kshs5.8 trillion and we are only proposing an increase of Kshs1.3 trillion. This clearly indicates that the Government will be coming back very soon to seek an additional increase to be able to fund the MTE priorities that total Kshs5.8 trillion, by what they have given in the proposal. Therefore, clearly there is need to expand the debt ceiling. But one thing that the Executive seems to be requesting is to trust it and that it can handle it. The Executive is saying that, even though the immediate requirements are no more than Kshs30 billion by the optimistic scenario; Kshs1.3 trillion is needed and that we should trust the Executive because it will handle it carefully. They are saying: “After all, we will come back to this House and we shall again seek permission to approve the specific loans that you might incur.” But this House does not look at the specific loans that might be incurred, including the contracts; they might also look at the overall quality of the portfolio that will be funded by the proposed increase in the debt ceiling. 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."
}