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{
    "id": 841878,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/841878/?format=api",
    "text_counter": 260,
    "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": "Kenyans are concerned with the huge debt that is there. It is good to note that the Eurobond that we took in 2014 matures in April or June next year. The syndicated loan will also mature at the same time. Our current Budget for this financial year has a financing gap of Kshs562billion which will be financed both by domestic and foreign borrowing. For us to access foreign borrowing and investors to have confidence in this economy, we, as a country, must show that we have the fiscal discipline that we committed to them. Therefore, it is imperative that we strive in that spirit of give and take to cut back on some of the expenditures that may be important but not urgent. There is no expenditure that we have cut back that we are saying that it is important. It may not be urgent. There were various proposals. Some of them affect our constituents like the National Government Constituencies Development Fund (NG-CDF) which the National Treasury had proposed to cut by Kshs6billion. In the same spirit of give and take, we engaged the National Treasury. We have only reduced our NG-CDF by Ksh2.4billion from Kshs35.7billion to 33.3billion. If you calculate, it ensures that each and every constituency in this country will get at least a minimum of Kshs110million. We are not saying that this is the end of business in terms of appropriating money because we have an opportunity. If we remain with the fiscal discipline that we are committed to, we will have an opportunity to allow our economy to thrive again, generate more revenues and allow private businesses to thrive. Hopefully by the time we come from the long recess after December, if our revenue will have improved, we will have a second Supplementary Budget which will offer…"
}