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{
    "id": 778143,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/778143/?format=api",
    "text_counter": 222,
    "type": "speech",
    "speaker_name": "Hon. Nuh",
    "speaker_title": "",
    "speaker": {
        "id": 2840,
        "legal_name": "Junet Sheikh Nuh",
        "slug": "junet-sheikh-nuh"
    },
    "content": "The Budget Policy Statement indicates an increase in net foreign financing from Kshs200 billion to Kshs250billion, but a reduction in the development budget of Kshs637.90billion which raises concerns as to whether the additional funds are from loans which are not tied to any development project. The Government borrows loans and then it takes them to Recurrent Expenditure. Prudent financial management requires that when you borrow, you do so for development. They are “eating” money that they have borrowed left, right and centre. I used to hear of people who lived beyond their means. Now we are coming across countries that are living beyond their means. When you cannot live within your means and can only do so on borrowing, then there is a problem. If you do not face that problem head on, you will not rectify it. I want to give you a good example of wrong borrowing. The Government, through the public-private partnership, entered into a wind power project in Lake Turkana. The contractor has finished his work, but the Government has not provided the transmission system to evacuate that power from Turkana to the place it is required. The last time I checked, the Kenya Electricity Transmission Company Limited (KETRACO) was part of the Government. Now the Government will incur over Kshs5 billion in losses because of KETRACO not evacuating the power from Lake Turkana. That was an unnecessary financing through debt."
}