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{
    "id": 553650,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/553650/?format=api",
    "text_counter": 204,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "revenue expenditure of about negative ten. We had a negative of six last year. It tells you that we are worse. We are moving away from not just being a balanced economy. We are completely a deficit economy and even moving further. If we were to get ourselves going and have something like a sovereign wealth, we not only need to have a balanced Budget but we actually need a surplus Budget. With the trend that we are taking as a country, we are digging ourselves deep into borrowing even just by considering the last two years. If we were negative six revenue to expenditure last year and you are now negative ten per cent, it tells you a story that you will not like to see. Either way, our country has to move forward and we have to think as we go. If you look at our macro-economic environment today, we have a lot of things that are a little bit unstable. At the moment, we do not have a Governor of the Central Bank of Kenya (CBK). Markets are very sensitive particularly when the foreign exchange rates realise that we cannot even make a decision of getting a Central Bank Governor. It is problematic and that is why the shilling is very unstable. At one point it was losing about 6 per cent to the dollar. I do not understand why we do not have a Governor of CBK because having one and a stable shilling boils down to this Budget because we spend some money to buy things outside. If the exchange rates continue to deteriorate, the shilling becomes weaker and we will buy less with the amount of money we budgeted. That means we will still have to dig deeper into borrowing, particularly borrowing dollars. I am not sure why we do not have a Governor of CBK. I know there is a Deputy Governor of CBK who is able but I am not sure whether he is politically correct."
}