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{
    "id": 941587,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/941587/?format=api",
    "text_counter": 503,
    "type": "speech",
    "speaker_name": "Sen. Cherargei",
    "speaker_title": "",
    "speaker": {
        "id": 13217,
        "legal_name": "Cherarkey K Samson",
        "slug": "cherarkey-k-samson"
    },
    "content": "Thank you, Mr. Deputy Speaker, Sir, for this opportunity to contribute to this Motion that has been brought to the House. From the outset, the country’s economy is not doing very well. I want to go into history and discourage Kenyans and the Government from this treacherous, slippery trend of borrowing in an insatiable way. As my colleagues have said, as at June 2019, our public debt was standing at Kshs5.81 trillion. Many people have alluded to the fact that the World Bank had said that developing counties should not borrow more than 40 per cent against their GDP. I happened to have attended the Committee meeting where the Acting Cabinet Secretary in charge of National Treasury appeared, and he could not answer two questions. One was on irreducible minimum of Kshs7.5 trillion. Two, he gave us a skewed project allocation across the country. As I speak, in Nandi County there is no project that is being funded through this heavy, uncontrollable and gluttonous borrowing by the national Government. For example, the Keben Dam that was supposed to be funded was not in the list. Most of those projects were being borrowed to favour skewed regions. The big question is: Are we borrowing on behalf of 47.6 million Kenyans or for the few people that want to misuse that money? Mr. Deputy Speaker, Sir, secondly, even as the economy is not doing very well, the World Bank said that the borrowing level of this country is very dangerous. The Chinese loans are very dangerous because they are conditional. For the commercial loans that they give us, we must have an agreement that we must use Chinese contractors. We are borrowing from China and must give contracts to Chinese contractors. That means"
}