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{
    "id": 509325,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/509325/?format=api",
    "text_counter": 66,
    "type": "speech",
    "speaker_name": "Hon. (Prof.) Nyikal",
    "speaker_title": "",
    "speaker": {
        "id": 434,
        "legal_name": "James Nyikal",
        "slug": "james-nyikal"
    },
    "content": "Thank you, hon. Speaker for giving me the opportunity to discuss this request, which is based on very sound principles but not backed by facts and figures; very unfortunately so. The principle that we need to borrow to enhance and finance growth is the spirit of our Vision 2030, which is extremely sound. Equally, funding infrastructure to enhance growth as a major strategy of growth is a very sound principle. The programmes that are indicated; the Standard Gauge Railway, the 5000 plus watts power project, the irrigation project and all these, if done properly, despite the problems that we are facing with them currently, are sound principles. The principle that external borrowing is cheaper than domestic borrowing and, perhaps, puts less strain on the economy is also sound. However, we must realise that borrowing is a burden. A debt is a burden that, if not kept to reasonable level, will actually stop the people from enjoying the benefits that are supposed to accrue from development arising from the same borrowing. The only principle then is that we must borrow exactly what we need. Here is where I say that the Report is not backed by figures. The Report clearly indicates that what we really need for the projects that I have mentioned is Kshs 1.23 trillion. This is 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."
}