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{
    "id": 977389,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/977389/?format=api",
    "text_counter": 147,
    "type": "speech",
    "speaker_name": "Sen. (Dr.) Mwaura",
    "speaker_title": "",
    "speaker": {
        "id": 13129,
        "legal_name": "Isaac Maigua Mwaura",
        "slug": "isaac-mwaura"
    },
    "content": "Madam Temporary Speaker, you remember that just recently, this august House increased the debt ceiling as per the recommendations of the National Treasury. It is, therefore, important that Parliament and the country be briefed, so that we have a single and well cleaned up National Debt Register. That way, we can then know the true fiscal space that we have in terms of borrowing. Secondly, Madam Temporary Speaker, our Budget is balanced, but primarily because we are spending all our ordinary sharable revenue to finance recurrent expenditure. We have had zero budget on development, which is affecting both the national Government and county governments. This is very serious because it means that most of the monies we would have used for development – which is over Kshs600 billion – is currently being used to pay debt. What is curious is that while the external debt has got a repayment period of about 11 years, the domestic debt,– which is crowding out local investment and creating a lot of liquidity issues, has an average repayment period of 5.7 years. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}