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{
    "id": 947064,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/947064/?format=api",
    "text_counter": 288,
    "type": "speech",
    "speaker_name": "Homa Bay CWR, ODM",
    "speaker_title": "Hon. (Ms.) Gladys Wanga",
    "speaker": {
        "id": 590,
        "legal_name": "Gladys Atieno Nyasuna",
        "slug": "gladys-atieno-nyasuna"
    },
    "content": "House as at the time he was speaking, I will take a short time to make my point in support of this Motion. No economy grows without borrowing. In fact, if you look at the data from the American economy, in 2018, American borrowing was at 77 per cent of the GDP. That is a debt that is moving towards 100 per cent of GDP. If we measure our debt by the percentage to the GDP, it grows scarier and scarier. Our GDP in 2018 stood at Kshs8.59 trillion. If you divide that by 50 per cent, you will see that borrowing was meant to be at Kshs4.3 trillion. We cannot afford to continue to measure our debt ceiling based on the GDP because, first of all, GDP is a moving target. You have to be searching for the GDP at all times to measure how much we have done. When put in simple terms, we will know that our debt ceiling is, for instance, Kshs9 trillion. We will know that we cannot borrow beyond that amount. So, we can monitor it at all times. The useful point that has been raised is the fact that if our debt ceiling is not raised, it does not mean that we are not borrowing. We are borrowing domestically. We are competing in the local market. When we were speaking about Jude Njomo’s Bill the other day, we made it clear that it had become very difficult for SMEs to get loans from commercial banks because they had to compete with the Government in terms of borrowing. Lenders will give you credit, as an individual, and leave the Government, which is more stable and reliable borrower. The most important thing, even as we do this today, is to look forward to prudent use of the money that is borrowed. We have developed confidence because we have seen the fight against corruption that has been going on. We are confident that the President will continue to crack down on corruption. That way, Kenyans will be confident that their money, if borrowed, will be put to correct use. We are seeing the people who have put us in this place are already paying for it. If that continues, then there is no cause for alarm. With those few remarks, I beg to support."
}