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{
    "id": 835752,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/835752/?format=api",
    "text_counter": 46,
    "type": "speech",
    "speaker_name": "Sen. Khaniri",
    "speaker_title": "",
    "speaker": {
        "id": 171,
        "legal_name": "George Munyasa Khaniri",
        "slug": "george-khaniri"
    },
    "content": "Thank you, Mr. Deputy Speaker, Sir, for the opportunity. Pursuant to Standing Order 47 (1), I rise to make a Statement on an issue of general topical concern, on the current high cost of living in the country and the general mismanagement of the economy. The country has been staring at an era of high cost of living. This high cost of living depicts a failure by the national Government to cushion its citizens, as it is the responsibility of the Government to ensure prudent management of the economy. Several issues concern us today. One is the huge total debt that stands at approximately Kshs5 trillion, which translates to 57.1 per cent of the Gross Domestic Product (GDP) and an average debt of about Kshs90,000 per person; the rising cost of living, food shortage and glut at the same time, exorbitant tax regime and corruption. When the Jubilee Government took over power in 2013, the economy had shown signs of picking up. We had a well-structured development blueprint in the Vision 2030. Then, the President defined his agenda as contained in their manifesto. This included things like laptops for Standard One pupils, Galana-Kulalu Irrigation Project, expanded National Youth Services programs, construction of numerous stadia across the country, among other ambitious development infrastructure. The Government had to source for funds and hence, opted to float Eurobond I and II, and signed a number of development contracts that were to be financed through loans. This move has increased the country’s debt three-fold within six years. The debt increased from Kshs1.5 trillion in June, 2012 to over Kshs5 trillion as it stands today. Mr. Deputy Speaker, Sir, Kenyans have expressed concern on the ballooning foreign debt, especially from China. It is a fact that the Jubilee Government has already accumulated too much debt. Some of the projects that the Government has heavily invested in have no immediate value for money and most people cannot point their direct benefit. The huge loans require servicing, which in turn means increased taxes, more borrowing and inflation. The majority of my constituents in Vihiga are suffering and most of them cannot afford to have three straight meals in a day. Recently, the National Assembly acrimoniously passed the Finance Bill, 2018, which was assented to by the President. This Act of Parliament only broadened and increased taxes and, as a result, pushed the The electronic version of the Senate Hansard Report is for information purposes"
}