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{
    "id": 778241,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/778241/?format=api",
    "text_counter": 320,
    "type": "speech",
    "speaker_name": "Hon. Lessonet",
    "speaker_title": "",
    "speaker": {
        "id": 67,
        "legal_name": "Moses Lessonet",
        "slug": "moses-lessonet"
    },
    "content": "It is the wisdom of the National Treasury because this Parliament gave them that mandate to decide how they raise that difference. They have the option of raising that entire difference using Treasury Bills or even issuing Treasury Bonds locally here in Kenya. However, they found it prudent for the sake of you and me who cannot borrow as individuals abroad. It is much easier for the Government to borrow abroad through what is popularly called the Eurobond to finance that particular deficit. That is good because we still want to access money from our local banks. Our local banks normally find it easy to lend money to the Government because it is risk-free and it will be paid on time. So, whenever we show the banks that the Government wants another Kshs800billion from them this year, they will definitely starve the local mwananchi and the medium-size enterprises in Kenya. They will not access any borrowing because all that money will end up in the National Treasury as Treasury Bonds and Bills. The budget deficit at the moment is below 10 per cent. As a Committee, we have agreed with the National Treasury that the deficit has to be brought down to 6 per cent, hopefully by the end of this year. Going forward, we expect a deficit of not more than 6 per cent. The National Treasury is in agreement with us on that. They will work hard to make sure that the budget deficit comes down. The role of this House in the entire matter of the budget-making is to ask ourselves whether we are properly playing our oversight role on the expenditure side. Are we interrogating Ministries when they spend this money?"
}