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"content": "(1) The extent of financial loss incurred by SACCOs across the country, and particularly, Tower SACCO and Muki SACCO, both SACCOs in Nyandarua County due to investment linked to KUSCCO. (2) The culpability of KUSCCO directors and senior management in the mismanagement of SACCO funds, including whether they acted negligently or fraudulently in handling investments. (3) The specific steps being undertaken to hold KUSCCO directors accountable, including criminal investigation, potential asset seizures, and legal actions to recover lost funds."
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"content": "(Loud consultations)"
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"type": "speech",
"speaker_name": "Hon. Kingi",
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"content": " Order, hon. Senators. May the Senator for Nyandarua be heard in silence."
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"content": "RAPID INCREASE OF KENYA’S PUBLIC DEBT"
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"type": "speech",
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"content": "Thank you for your protection, Mr. Speaker, Sir. I see my colleagues are excited that I am now very busy. I am no longer a Chairman, so I have a lot of time. Mr. Speaker, Sir, I rise pursuant to Standing Order No.53(1) to seek a statement from the Standing Committee on Finance and Budget regarding the rapid increase in Kenya's public debt and its implications for the economic stability, financial sustainability and service delivery. Kenya's total public and publicly guaranteed debt has surged to Kshs11.02 trillion as of January, 2025, accounting for 65.7 per cent of the Gross Domestic Product (GDP). This level of indebtedness exceeds the 55 per cent GDP threshold recommended under the Public Finance Management (PFM) framework. The rapid accumulation of debt is compounded by ballooning debt servicing costs, persistent fiscal deficit and reliance on external borrowing. Of particular concern is that bilateral debt stands at Kshs1.09 trillion, of which China holds 62.6 per cent. The country now faces the risk of being trapped in a debt cycle that threatens national sovereignty, economic growth and service delivery. In the Statement, therefore, the Committee should address the following- (1) The measures being taken by the Government to ensure that Kenya's public debt remains within sustainable levels or safeguarding national development priorities. (2) The strategies in place to balance borrowing and revenue collection, particularly in light of Kenya's continued dependence on external financing for key infrastructure projects. (3) The status of physical consolidation measures aimed at reducing wasteful Government expenditure and enhancing domestic revenue mobilisation."
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"id": 1544447,
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"type": "speech",
"speaker_name": "Sen. Methu",
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"content": "The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
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"id": 1544448,
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"type": "speech",
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"content": "(4) The Government's plan to manage debt servicing obligations, including the steps being taken to renegotiate payment terms with major creditors such as China and multilateral lenders. (5) The impact of rising public debt on critical Government services, including education, healthcare and infrastructure, and whether there are plans to mitigate the economic burden of debt repayment on citizens. (6) The accountability mechanisms in place to curb reckless borrowing and ensure that all borrowed funds are utilised transparently, efficiently and in line with national development priorities."
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"id": 1544449,
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"content": "(Loud consultations)"
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"content": "(Interruption of debate on Statements)"
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"speaker_name": "Hon. Kingi",
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"content": " Order, hon. Senators. For the convenience of the House, allow me to rearrange today's Order Paper. We will come back to the remaining Statements. However, we will now proceed straight to handle Order No.11, all the way to Order No.19. Thereafter, we will resume the normal flow of today's Order Paper. Clerk, you may proceed."
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