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{
    "id": 62128,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/62128/?format=api",
    "text_counter": 317,
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    "content": "want to secure transparency and accountability in our debt portfolio. It is by subjecting it to public scrutiny that we secure the same, and I believe it is a constitutional and legal way of doing it. The other thing that we seek to secure with this Motion is that from the contributions made, there is a common denominator that most of these debts are somewhat fraudulent. In their fraudulence, lenders exploit our weak legal system. The External Loans Act and the Borrowing and Guarantees Act have got gaping loopholes. In view of the new Constitution, it is imperative that this House and, particularly, the Ministry of Finance should move with speed so that we can update our relevant legislation to seal these loopholes. Mr. Temporary Deputy Speaker, Sir, the third reason why this Motion is important is because today as we speak, our debt levels stand at Kshs1.3 trillion, and debt is a puncture in the Consolidated Fund. In our discretionary expenditure, the debt element takes about 20 per cent. Twenty per cent of Kshs1 trillion is around Kshs200 billion. We seek to free funds from this debt repayment, so that they can be available for service delivery. We can only do this by sealing the loopholes that are exploited to get money out of public coffers in form of the public debt. I have in mind situations where the law has been exploited to convert ordinary pending bills into public debt. I am aware that a commission was established, and I hope that its findings will be made public. Mr. Temporary Deputy Speaker, Sir, the other thing is equity in debt management. Hon. Mungatana pointed out here that it is immoral for the present generation to take advantage of the absence of future generations, and exploit the weak laws to engage in borrowing that will be paid by the future generations. Out of morality, we need to know that our children are the future generations and we need to seriously be mindful of them, more so when we know that these debts have no benefits to them and yet they have a burden that they cannot escape from. It is also important to point out that the United Kingdom (UK) Government has been persistently and consistently offering mutual legal assistance to help unravel some of these debts, particularly the ones that have got to do with security matters but this offer has not been taken up. It is important that we get an opportunity to particularly persuade the Government and the Office of the Deputy Prime Minister and Ministry of Finance to take up this opportunity so that we can unravel the mystery."
}