{"count":1608389,"next":"http://info.mzalendo.com/api/v0.1/hansard/entries/?format=json&page=150674","previous":"http://info.mzalendo.com/api/v0.1/hansard/entries/?format=json&page=150672","results":[{"id":1524922,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524922/?format=json","text_counter":859,"type":"speech","speaker_name":"Hon. Speaker","speaker_title":"","speaker":null,"content":"Order, Hon. Members conducting various illegal kamkunjis. Hon. Deputy Speaker, hold a bit. Hon. Mathenge and your group. Is that Hon. Mathenge? Hon. Karemba you are holding an illegal kamkunji in the Chamber when a very important Motion is being moved. I expect dead silence. Go on, Hon. Deputy Speaker."},{"id":1524923,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524923/?format=json","text_counter":860,"type":"speech","speaker_name":"Uasin Gishu County, UDA","speaker_title":"Hon. Gladys Boss","speaker":null,"content":" Thank you, Hon. Speaker. The 2025 MTDS aims to optimise access to external concessional borrowing and undertake liability management to minimise the costs and risks in Kenya's debt portfolio. External borrowing is relatively cheaper than domestic debt due to the large share of concessional loans from multilateral lenders such as the World Bank and our development partners. Indeed, 54 per cent of the total external debt portfolio is concessional. This significantly contributes to the sustainability of Kenya's debt. During our review and as previously mentioned, we noted that external commercial borrowing is relatively expensive compared to concessional loans. To address this issue, the 2025 MTDS proposes to reduce the share of commercial loans by taking various measures, including paying off some of the most expensive loans and exploring cheaper debt instruments such as our green bonds. Following the review of the 2025 MTDS, the Committee observed that the Government will borrow Ksh831.1 billion. That is equivalent to the fiscal deficit in the 2025 Budget Policy Statement (BPS). The amount to be borrowed will be sourced from domestic and external sources at a ratio of 65 per cent and 35 per cent, respectively. We were informed by the National Treasury and Economic Planning that it is important to have a mix of different types of debt so that we spread our risks from financial shocks."},{"id":1524924,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524924/?format=json","text_counter":861,"type":"speech","speaker_name":"Uasin Gishu County, UDA","speaker_title":"Hon. Gladys Boss","speaker":null,"content":"The Committee also made the following key recommendations, which I urge Members to support. There are non-financial recommendations and financial recommendations. The non- financial recommendations we are requesting the House to support are the following: 1. That, to meet the Public Finance Management (PFM) Act, 2012 threshold of debt to GDP in Present Value Terms of 55 per cent (plus 5 per cent) by 2028, the Cabinet Secretary for the National Treasury and Economic Planning should publish quarterly reports detailing progress on the fiscal consolidation as outlined in the 2025 BPS. Currently the National Treasury and Economic Planning is operating at 63 per cent, which is above the requirements of the PFM Act, but they have undertaken that they will reduce it as per the requirement by 2028. They seek the support of this House as they take steps to ensure that this happens. 2. That, the Cabinet Secretary for the National Treasury and Economic Planning, the Governor of the Central Bank of Kenya and the Controller of Budget should fully automate the withdrawal of debt service payments from the Consolidated Fund by 31st May 2025 and submit a report to this House within 15 days. 3. That, to strengthen the financial controls, ensure accurate and timely public debt statistics and enhanced decision making for greater transparency and accountability, the National Treasury should integrate the Public Debt Management System with the Integrated Financial Management System (IFMIS) by 31st May 2025 and submit a report to the National Assembly within 15 days of implementation."},{"id":1524925,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524925/?format=json","text_counter":862,"type":"scene","speaker_name":"","speaker_title":"","speaker":null,"content":"[The Speaker (Hon. Moses Wetang’ula) left the Chair]"},{"id":1524926,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524926/?format=json","text_counter":863,"type":"scene","speaker_name":"","speaker_title":"","speaker":null,"content":"[The Temporary Speaker (Hon. David Ochieng’) took the Chair]"},{"id":1524927,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524927/?format=json","text_counter":864,"type":"speech","speaker_name":"Uasin Gishu County, UDA","speaker_title":"Hon. Gladys Boss","speaker":null,"content":"4. That, to mitigate the growing risk of domestic debt and interest payments and to reduce the tendency by the Government of borrowing funds held by public 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":1524928,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524928/?format=json","text_counter":865,"type":"speech","speaker_name":"Uasin Gishu County, UDA","speaker_title":"Hon. Gladys Boss","speaker":null,"content":"entities, the National Treasury should deploy a Treasury Single Account (TSA) for all Ministries, Departments and Agencies (MDAs) by 1st July 2025. This will be revolutionary in our financial management, governance, transparency and accountability in public debt management. This is the first time this is happening. We were informed that many MDAs and parastatals do not want this system because of its great transparency and accountability. 5. That, to improve transparency and accountability in the anticipated increase in domestic borrowing, the Cabinet Secretary for the National Treasury and Economic Planning should do the following within 60 days— (a) Form a working committee to establish criteria for assessing the effectiveness of utilisation of borrowed funds by MDAs, establish a registrar of government securities pursuant to Section 55 of the PFM Act, 2012. (b) To record in the debt register the details of the utilisation of the borrowed funds, including the set of projects funded from the proceeds of infrastructure bonds. 6. That, the Cabinet Secretary for the National Treasury and Economic Planning should establish an inter-agency committee including representatives from the Central Bank of Kenya and the Controller of Budget to review the public debt procurement process, debt utilisation and submit a report to the National Assembly by 31st May 2025. 7. The Cabinet Secretary for the National Treasury and Economic Planning shall report and seek approval from the National Assembly on any variation to the approved borrowing mix in the 2025 MTDS which we have submitted now. The financial recommendation are as follows: 1. That, the fiscal target for the Medium-Term is approved and set at 4.3 per cent of GDP for Financial Year 2025/2026; 3.5 per cent of GDP for the Financial Year 2026/2027 and 3.2 per cent of GDP for the Financial Year 2027/2028, in line with the fiscal consolidation path. 2. That, the country’s borrowing strategy is approved at 35 per cent for net external borrowing and 65 per cent for domestic borrowing as contained in the 2025 MTDS. Finally, I thank the House for giving the Liaison Committee the responsibility of considering the MTDS. It was a unique opportunity for chairpersons of various committees to appreciate the state of the economy regarding the constrained fiscal space since it affects various programmes that require financing in all sectors. As I said earlier, the Committee was very diligent and worked up to 10.00 p.m. the night before and midnight last night. Thank you, Hon. Temporary Speaker. I beg to move and request Hon. Wangari, Member for Gilgil and Vice-Chairperson to second."},{"id":1524929,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524929/?format=json","text_counter":866,"type":"speech","speaker_name":"Gilgil, UDA","speaker_title":"Hon. Martha Wangari","speaker":null,"content":" Thank you, Hon. Temporary Speaker. Allow me to second this Motion. I join my Chairperson in appreciating Members of the Liaison Committee. This was not a usual task. Many Chairpersons appear before the Budget and Appropriations Committee. For the first time, they were able to…"},{"id":1524930,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524930/?format=json","text_counter":867,"type":"scene","speaker_name":"","speaker_title":"","speaker":null,"content":"(Hon. George Murugara, Hon. Tindi Mwale, Hon. Mugambi Rindikiri and Hon. Joseph Makilap consulted loudly along the gangways)"},{"id":1524931,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524931/?format=json","text_counter":868,"type":"speech","speaker_name":"Gilgil, UDA","speaker_title":"Hon. Martha Wangari","speaker":null,"content":"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."}]}