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{
    "id": 509320,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/509320/?format=api",
    "text_counter": 61,
    "type": "speech",
    "speaker_name": "Hon. Musimba",
    "speaker_title": "",
    "speaker": {
        "id": 1804,
        "legal_name": "Patrick Mweu Musimba",
        "slug": "patrick-mweu-musimba"
    },
    "content": "Hon. Speaker, I rise, from the outset, to oppose this particular Motion on the premise that what we have budgeted for the next four years is Kshs5.6 trillion which will bring our combined foreign debt to around US$64 billion which is completely beyond the percentages that are recommended even within the East Africa Monetary Union. It goes against the recommendations by our own Parliamentary Budget Office which states clearly in the Report that we are already at 53 per cent, in line with proposals in international rankings of our ratio of debt to GDP, which ranks Kenya at 59th position. Whereas we support those projects, my primary objection is that we could raise the same US$64 billion in a completely different way which would actually give relief to Kenyans. This is in the way of floating our billion barrels of oil. Currently, even if we take June 2009 figures because right now the oil prices are on a decline arising from the crisis emanating from Russia and the Middle East, we will still be able to raise in excess of almost US$76 billion within the futures market which will finance all this and keep us in good stead. Financial prudence; the entire world, including Germany and Europe, is moving towards having a balanced budget where we budget within what we are actually 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."
}