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{
    "id": 954729,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/954729/?format=api",
    "text_counter": 421,
    "type": "speech",
    "speaker_name": "Kikuyu, JP",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": {
        "id": 1835,
        "legal_name": "Anthony Kimani Ichung'Wah",
        "slug": "anthony-kimani-ichungwah"
    },
    "content": "Wanjiku or Atieno at 14 per cent, especially those of us who are politically exposed personalities. We are a risk to banks. Just by the mere fact of being a politician, you are a risk. Therefore, your credit rating is much higher than the Government’s. There is no bank that will lend to you at 14 per cent when they can lend to the Government risk free at even 9 or 12 per cent. If we are intent on controlling interest rates, the basis of that control must begin from this House because we are the budget-making House. We are the ones who approve budget estimates and Government expenditure that will occasion a huge fiscal deficit and financing through borrowing. That borrowing has to come from foreign entities. You can hear Kenyans saying that we are almost becoming slaves of the Chinese and other people who we are borrowing from. The Government is cautious on whether to externalise most of our debt. It has been my position that we are better of externalising most of our debt than internalising it and borrowing from the domestic market. This, therefore, hinders the private sector from borrowing from banks. We must deal with those issues from here. We must address - and I speak as the Chair of the Budget and Appropriations Committee - the question of our fiscal deficit. If we do not address it as Members of Parliament, we make it very difficult for the Government because it must implement what we have resolved in this House in terms of rolling out development projects. That is why the day before yesterday, I told Members in this House that even as we look at austerity measures, let us enforce them in the Government, especially in the Executive, in terms of cutting expenditure, more so recurrent expenditure. I was shocked this morning to read in the Business Daily - and I am waiting for that audit report - that the Ministry of Interior and Coordination of National Government is spending up to Kshs3 billion on entertainment. Who are they entertaining and why? I am waiting. There is nothing out of order. I know when I mention the Ministry of Interior and Coordination of National Government, Hon. Wanga, because of other reasons, may rush to support them. I will wait for the audit report."
}