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{
"id": 1549982,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549982/?format=api",
"text_counter": 261,
"type": "speech",
"speaker_name": "Funyula, ODM",
"speaker_title": "Hon. (Dr) Ojiambo Oundo",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker, I want you to appreciate and understand that it is a very rare occasion that the boys and girls can sit there. Please forgive them for that excitement, and allow them to be trivial in their appearance in this House."
},
{
"id": 1549983,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549983/?format=api",
"text_counter": 262,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " They are forgiven."
},
{
"id": 1549984,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549984/?format=api",
"text_counter": 263,
"type": "speech",
"speaker_name": "Funyula, ODM",
"speaker_title": "Hon. (Dr) Ojiambo Oundo",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker. I also stand here to support the Motion for Kenya to join the African Finance Cooperation (AFC). The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1549985,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549985/?format=api",
"text_counter": 264,
"type": "speech",
"speaker_name": "Funyula, ODM",
"speaker_title": "Hon. (Dr) Ojiambo Oundo",
"speaker": null,
"content": "As the Mover has put it very clearly, the development needs for Kenya are far too much. We are unable to finance them using the local Exchequer and locally generated resources. If you remember, Bretton Woods institutions were formed immediately after the Second World War or thereabout to address infrastructure challenges that were affecting many countries after the war and those in the colonies. Over the years, of course, we expect the demand on the International Monetary Fund (IMF) and World Bank is going to be over…"
},
{
"id": 1549986,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549986/?format=api",
"text_counter": 265,
"type": "scene",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "(Technical hitch)"
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{
"id": 1549987,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549987/?format=api",
"text_counter": 266,
"type": "speech",
"speaker_name": "Funyula, ODM",
"speaker_title": "Hon. (Dr) Ojiambo Oundo",
"speaker": null,
"content": "My enemies! Obviously, over time, we have to start looking inwards. If you hear and see the tone of the main contributors to the IMF and World Bank; that is the US and the European countries, it is time to look inwards. In fact, in many countries now, all politicians who talk about nationalism get elected compared to those who talk about global issues. It is a laudable venture for the African countries. If you look at their website, they say they were established in 2007. It is a joint venture between private and public institutions to raise funds to fund various development projects all over Africa. As of today, it has about 45 members. Some have already ratified it and some have not. So far, they say they have disbursed close to US$15 billion to projects across 36 countries, Kenya being one of them. That shows that they have the capacity and are progressing adequately. Let me also join the remark by Hon. Chairman, that before Kenya becomes a shareholder, they need to look at the Treaty so that all the issues that we have raised in the report are addressed before they finally sign. By the very way the Act is set, Parliament basically cannot amend it. It can only pass or approve with reservations, and those reservations can either be considered or not. When you are looking at such kind of a Treaty that has got very many members, the room for maneuverability becomes minimal. That is why we always urge, at the very start, that let Kenya participate in drafting these treaties so that our interests are taken care of. We also hope the interest rates that are being advanced by this institution will be market interest rates that do not hurt the economies of African countries. Many times, you find that it becomes more expensive to borrow from the local institution compared to international institutions. I urge the shareholders and the managers at AFC to make sure that whenever they give funding, they do it with a reasonable interest rate. Additionally, I urge the leaders and managers in African countries to ensure that loans meant for financing projects are used for those specific projects. There are many stories that they are supposed to build a 10km road, but what you see is one kilometre road which is only three metres wide and yet money has been expended. They have a fiduciary duty to ensure that, as they advance funds, they are used for the very purpose they are meant for. As I conclude, as Kenya continues to borrow money to finance projects, let there be equity and fair distribution of those projects throughout the country. All of us cannot shoulder the burden of paying debts and yet, it is only some regions that benefit from those projects, while others become mere spectators. With those few remarks, I support the Motion."
},
{
"id": 1549988,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549988/?format=api",
"text_counter": 267,
"type": "speech",
"speaker_name": "Hon. David Ochieng’",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Member for Kwanza."
},
{
"id": 1549989,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549989/?format=api",
"text_counter": 268,
"type": "speech",
"speaker_name": "Kwanza, FORD-K",
"speaker_title": "Hon. Ferdinand Wanyonyi",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker, for giving me the opportunity to contribute. First and foremost, I thank the Departmental Committee on Finance and National Planning for coming up with this important Motion. Our country is a developing one. This is thinking outside the box. As many Hon. Members have said, it has been very expensive for us to develop. Historically, Kenya is the best country in the region, in terms of development. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1549990,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549990/?format=api",
"text_counter": 269,
"type": "speech",
"speaker_name": "Kwanza, FORD-K",
"speaker_title": "Hon. Ferdinand Wanyonyi",
"speaker": null,
"content": "However, we have been relying on foreign aid which has been mentioned severally by Members who have contributed to this Motion. It has been very expensive. Therefore, we have to think outside the box. I thank the Departmental Committee on Finance and National Planning for coming up with this particular Motion because it is thinking outside the box."
},
{
"id": 1549991,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1549991/?format=api",
"text_counter": 270,
"type": "speech",
"speaker_name": "Kwanza, FORD-K",
"speaker_title": "Hon. Ferdinand Wanyonyi",
"speaker": null,
"content": "I thank the Chairman who is passing in front of me. He has done very well by thinking outside the box and coming up with this Motion. We already have 43 countries. We are joining our brothers and sisters to do what is required for our country. Hon. Temporary Speaker, I know you have travelled outside the country. When you go out there and say you are from Kenya, it elicits curiosity. Most people admire coming to this country because of our past records. However, we will affirm our development. This particular Motion should be passed like yesterday, but not today or tomorrow. It will enable us to move faster and ratify this agreement. We will join it and develop our country. The rates which we are charged on loans are unbearable. This is a very good thing. The Chairman of the Committee has done a good job. Congratulations on thinking outside the box. We have been sitting here for the last terms, but this Motion has never come up. We are now rectifying this. We want to move very fast so that we can benefit from Africa Finance Corporation because the rates are very good. Once the interest rates are low, the economy will grow faster than what it is today. This means creating more jobs, developing even further, and doing things that the other European countries are doing. We want to surpass countries like Germany and France. We want to be equal to them, so that we are mentioned positively. If you travel out of the country and say you are from Kenya, people say they were here some years back. They also say we are doing well, and ask how we are doing. We have nothing to say because most of the work and projects that we have are based on foreign exchange and renting assets very expensively. If you go to a place and they tell you their exchange rate, you cannot afford it. With those few remarks, I agree with the ratification of the agreement for the establishment of the African Finance Corporation. The Departmental Committee on Finance and National Planning should move faster and see what we can do. I hope we will pass this Motion. There will be no need to even discuss it."
}
]
}