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{
    "id": 878089,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/878089/?format=api",
    "text_counter": 530,
    "type": "speech",
    "speaker_name": "Sen. Mahamud",
    "speaker_title": "",
    "speaker": {
        "id": 373,
        "legal_name": "Mohammed Maalim Mahamud",
        "slug": "mohammed-mahamud"
    },
    "content": "Mr. Deputy Speaker, Sir, the domestic debt comprising of Treasury bills and bonds is worth Kshs.899.40 billion and Kshs1.55 trillion respectively. Treasury is borrowing from the local market and this is, in fact, crowding out the private sector. This is a serious concern because the available finance is being taken up by the National Treasury. In fact, this year, they have said that they will borrow 62 per cent locally. Sometimes, financing from outside the country can be cheaper. The private sector public Debt Sustainability Analysis (DSA) framework that evaluates a country’s capacity to finance policy agenda indicates that the level of debt is still considered sustainable at 60.6 per cent of the Gross Domestic Product (GDP) in the net present value terms against an International Monetary Fund (IMF) threshold of 74 per cent. However, the ratio is beyond the 50 per cent threshold provided for in the Public Finance Management Act Regulations. Mr. Deputy Speaker, Sir, following the analysis of the Budget Policy Statement (BPS), the Committee observed the following- The 2018/2019 BPS contains similar priorities but the 2019 BPS does not provide information on the progress of achievement of the priorities of 2018. The policy document lacks a clear implementation matrix especially with regard to the implementation of the Big Four Agenda. The ordinary revenue projections of Kshs1.8 trillion for the Financial Year 2019/2020 are anchored on the same reforms in tax policy and revenue administration as The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}