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{
    "id": 941643,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/941643/?format=api",
    "text_counter": 559,
    "type": "speech",
    "speaker_name": "Sen. Orengo",
    "speaker_title": "The Senate Minority Leader",
    "speaker": {
        "id": 129,
        "legal_name": "Aggrey James Orengo",
        "slug": "james-orengo"
    },
    "content": "To that extent, you will find that as we speak today, nearly 90 per cent of local borrowing in the Republic of Kenya is being done by the Government of Kenya. If you look at what the Government pays in terms of interest and penalties on this internal debt, the situation is even worse. In fact, the ceiling is about external debt but a bigger problem is that internal debt has got consequences that you cannot imagine. It means that money is scarce to business. When money is scarce to business you find that people cannot undertake business in the private sector. Mr. Deputy Speaker, Sir, I want us, as legislators not just to talk about the problem. I would be happy if we are talking about the solution. Kenya is approaching the situation that was there in Greece. The Greek were experiencing a debt problem. That is what caused the financial crisis in Greece. The solution that they offered initially was to increase tax. Increasing tax is an option. I remember when the National Assembly was debating on the increase of Value Added Tax (VAT) even in this Senate, nobody came up with a Motion to try and say---"
}