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{
    "id": 778237,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/778237/?format=api",
    "text_counter": 316,
    "type": "speech",
    "speaker_name": "Hon. Lessonet",
    "speaker_title": "",
    "speaker": {
        "id": 67,
        "legal_name": "Moses Lessonet",
        "slug": "moses-lessonet"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker, for giving me this opportunity to contribute to the Motion on the BPS. The BPS marks the beginning of the budget-making process in this country. All the Members know that the budget-making process is a matter for this House. Whatever the Executive brings remains a proposal. One topic that has been discussed the most is borrowing by the Government of Kenya. We are not at all almost about to default in repayment of any debt. That is why when the National Treasury went abroad and organised a road show to solicit for borrowing through Eurobond II, you saw the response from potential investors who wanted to lend us up to US$14 billion, but we could only take US$2 billion. We needed US$2 billion. Financial experts have various ways of managing debt. If you look at the team that we have at the National Treasury, and the quality of Members of Parliament in this House, they are up to the task in terms of making sure that debt is properly managed in this country. The Leader of the Minority Party alluded that most of our money in the near future will end up in debt repayment. I said earlier that there are many ways of managing debt, including lengthening the period of the payment. If you go back to the United Kingdom in the early days, there was debt that was undated. It had no expiry date. The investors in that debt continued receiving interest forever because the debt had no maturity date. When the UK wanted to wind up that debt, they had to go to the market and buy it at the London Stock Exchange. So, we did a very short-term bond of 10 years and, recently, a 30-year bond. This means that we still have the opportunity to do a 50-year bond, a 70-year bond and even a bond which will be repaid after 100 years. For us to have a dual carriageway road running from Mombasa to Nairobi, we can only do that through borrowing. Hon. Temporary Deputy Speaker, you represent a constituency in Kibwezi. Shortly this year, the Government, through borrowing from American investors, will be building a superhighway from Mombasa all the way to Nairobi. This country will be doing a dual highway from Nairobi to Mau Summit this year, a distance of almost 220 km. We can only do it by going for a long-term debt, so that we can have quality infrastructure in this country."
}