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{
    "id": 639428,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/639428/?format=api",
    "text_counter": 298,
    "type": "speech",
    "speaker_name": "Hon. Ng’ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Hon. Temporary Deputy Speaker, I find interesting comments from the National Treasury. The public debt repayment is rising from Kshs362.4 billion to Kshs433.8 billion. That is an increase of Kshs71.4 billion or 20 per cent. At this rate, this country will be auctioned. We are burdening our future generations. The Jubilee Administration should rethink its priorities because you cannot start too many projects riddled with corruption at the same time. You are exposing our future generations to unnecessary burden by playing politics. The Jubilee Administration is playing roadside politics that we saw during the Moi and KANU era. Hon. Kibaki’s polished administration is gone. The President is now moving around Rift Valley making roadside declarations at the expense of Kenyans. The National Treasury is very mischievous on public debts. They say that the Bill has fully provided for all public debt-related costs. That is fine. It goes ahead to say that these comprise of the annual debt redemption cost as well as the interest of payment for both domestic and external debt. In 2016/2017, the revenue allocation for payment of public debt-related costs is expected to increase to Kshs433.8 billion from Kshs362 billion in 2015/2016 primarily due to the shift to less expensive debt from international markets. If it is less expensive then why is it increasing? The debt repayment has increased and you are telling us that it is because of a shift to a less expensive loan. If you are going to a less expensive loan, then we should pay less. However, we are paying at 20 per cent and you are telling us that we have shifted to a less expensive loan. I am telling you as an expert in finance that by 2019, this country will not be able to finance its public debt. If we will be able, we will not be able to meet the expenses that are required for other services."
}