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{
    "id": 900049,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/900049/?format=api",
    "text_counter": 385,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "There is also the issue of public debt. Article 201 of the Constitution says that the benefits and the burdens of the use of resources and public borrowing shall be shared equitably between present and future generations. What are we doing now? We are spending money now that my children’s children should spend 20 years to come because of our appetite for debt. As per the audited financial reports of 30th June, 2016, our outstanding debts stood at Kshs3.38 trillion. According to our Budget Policy Statement (BPS) of the Financial Year 2019/2020, our refinancing gap for the Financial Year 2019/2020 is Kshs1.04 trillion. This will further increase our public debt by 478 per cent. By that time, 50 per cent of our revenue will go to public debt. I am also a Member of the Departmental Committee on Finance and National Planning. I have heard contradictions between the National Treasury and the Central Bank of Kenya (CBK) on the exact level of debt in this country. We do not even seem to know it. We also have the pending bills which are also debts that this Government owes people. Money should be paid to these people. What is the solution? Our Budget-making process as enshrined in our Constitution should be zero-based. Is it how we do it or do we just carry forward projects of the budget of last year and add an increment to it?"
}