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{
    "id": 841541,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/841541/?format=api",
    "text_counter": 457,
    "type": "speech",
    "speaker_name": "Sen. Farhiya",
    "speaker_title": "",
    "speaker": {
        "id": 13179,
        "legal_name": "Farhiya Ali Haji",
        "slug": "farhiya-ali-haji"
    },
    "content": "Thank you, Madam Temporary Speaker. I beg to second this Motion for the simple reason that unsuitable debt levels can be harmful to the economy. They can crowd out development and social programmes because huge portions of Government revenues are taken away from essential services and used to service debts. In the worst case scenario, Kenya might be forced to cede control of strategic assets to foreign creditors. This is happening in Sri Lanka, whose port was taken. External debt is not necessarily harmful for an economy. Studies have shown that external debt, if synchronized with business cycles, can stabilize the economy and boost economic growth. That is part of financial displine as well. It can also create weak foreign currency, which makes the country‟s exports more expensive. Weak currency can lead to high inflation rates in the long-term because it will cost more to import for production and consumption."
}