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{
    "id": 841876,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/841876/?format=api",
    "text_counter": 258,
    "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": "imposing higher taxes on our people. We will need, in one way or the other, to finance our Budget by getting support from our development partners and through domestic borrowing. Our fiscal deficit as at the time we passed the Appropriations Bill was projected at 5.7 per cent. Because of the additional expenditure that was accommodated during the appropriations, we burst that fiscal deficit way above 6 per cent. The consequence of that is that the International Monetary Fund (IMF) stood down the standby credit to this country. However, the Government is still in negotiations with IMF. It is good to mention these things. This standby credit is not there but we are okay because of our foreign exchange reserves which are backed mostly by Diaspora remittances. Therefore, it is important for the Government to continue engaging the IMF and other developed partners, to ensure that this standby facility is there, in case of any eventualities. As we were told, it is like an insurance policy that the country takes. Therefore, it is important for us to balance our expenditure and revenues."
}