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{
    "id": 941270,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/941270/?format=api",
    "text_counter": 186,
    "type": "speech",
    "speaker_name": "Sen. Murkomen",
    "speaker_title": "The Senate Majority Leader",
    "speaker": {
        "id": 440,
        "legal_name": "Onesimus Kipchumba Murkomen",
        "slug": "kipchumba-murkomen"
    },
    "content": "Mr. Speaker, Sir, I went ahead to find out from the record of this report the presentation of the Cabinet Secretary (CS). The CS is telling us that we are asking for Kshs9 trillion, but we are also working towards restructuring our debt. They have said that we have about Kshs3 trillion of that money borrowed locally at an interest rate that is up to 10 per cent. Multi-lateral agencies, including the World Bank (WB) and the African Development Bank (ADB), have offered to give us loans of a lesser interest rate, of up to one per cent. Opening up this debt ceiling gives the national Treasury an opportunity to borrow cheaper loans, repay the locally borrowed loan which has the highest interest and then we can bring down the repayment amount that is being paid out of the country."
}