Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 714921,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/714921/?format=api",
    "text_counter": 176,
    "type": "speech",
    "speaker_name": "Hon. Musyimi",
    "speaker_title": "",
    "speaker": {
        "id": 95,
        "legal_name": "Mutava Musyimi",
        "slug": "mutava-musyimi"
    },
    "content": "this House. It is currently being reviewed by various Committees and my Committee. As we do so we will see some very major suggestions to the budget that we passed early this year. I need to say quite a bit on debt financing. As indicated earlier, the 2017 BPS shows that the medium term fiscal projections have set the country on a course towards achieving East African Community Monetary Union Protocols. The fiscal targets of that Community target a 3 per cent deficit by 2021. However, the strategy to reach this level is built on weak projections coupled with an unclear fiscal consolidation framework. Fiscal consolidation entails prescribing clear measures to increase tax revenue, better aligning expenditure to reduce non-core and wasteful expenses and reducing the overall deficit. However, there are no concrete measures aligned in the BPS that will lead to achievement of each of these targets. The level of debt is a function of the level of deficit achieved in a given financial year. Currently, the deficit level indicated in the BPS is 6.4 per cent for the 2017/2018 Financial Year, which will then drastically reduce to 5 per cent in the 2018/2019 Financial Year and downwards to 4 per cent in the 2019/2020 Financial Year. However, it is estimated that in order to keep debt below 50 per cent of GDP, the fiscal debt should be maintained below 2 per cent of GDP. Indeed, to achieve a fiscal deficit of 3 per cent by 2021 as agreed by the East Africa Community (EAC) Monetary Union Protocol, the country needs to operate a budget surplus over the medium-term."
}