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{
    "id": 833203,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/833203/?format=api",
    "text_counter": 192,
    "type": "speech",
    "speaker_name": "Kikuyu, JP",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": {
        "id": 1835,
        "legal_name": "Anthony Kimani Ichung'Wah",
        "slug": "anthony-kimani-ichungwah"
    },
    "content": " Hon. Speaker, I beg to move that the Supplementary Appropriation Bill (No.2) Bill (National Assembly Bill No. 23 of 2018), be now read a Second Time. The Supplementary Estimates for 2018/2019 have been prepared at a time when Government is experiencing significant fiscal pressures on account of huge budget deficits, expenditures and projected revenue shortfall. The approved Estimates for the Financial Year 2018/2019 were estimated at Kshs1.698 trillion for national Government, Kshs372.74 billion for county governments and Kshs962.56 billion for the Consolidated Fund Services. This was to be financed through domestic tax amounting to Kshs1.923 trillion, and grants amounting to Kshs47.037 billion. The fiscal deficit for this financial year is projected at Kshs562.75 billion which will be financed through both domestic and foreign borrowing. At this juncture, it is good to reiterate what the Leader of the Minority Party has just said. It is very important that when Members are speaking in this House to afford each one of us an opportunity to be heard. When you listen, you will get to understand some of the issues at hand. As the Leader of the Minority Party has said, we missed a very good opportunity not only to be heard by our constituents for those who were opposing the Finance Bill, but also for those of us who were in support to be heard as to why we were in support. Given the budget deficit of Kshs562 billion that is to be financed from both domestic and foreign borrowing, failure to pass that Finance Bill would have had very big ramifications on making this deficit move upwards to the tune of about Kshs700 billion. That would have meant that we borrow more, either from the domestic market to the detriment of our small and medium size enterprises who are struggling to access credit from the domestic market, or to go out and borrow from the foreign market at a The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}