19 Mar 2024 in Senate:
Mr. Speaker, Sir, I seek your guidance on a matter that I am not sure whether it falls under Questions and Statements but is a matter of concern to the House. The Senate, as established under Article 96, serves to protect the interests of counties. Therefore, occasionally, when there are matters that are of concern to the country that involves devolved units, the Senate needs to have a voice on the same. The reason I am seeking your intervention is that occasionally, from previous practice in this House, we established a practice where we used to receive quarterly reports in ...
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19 Mar 2024 in Senate:
Mr. Speaker, Sir, I seek your guidance on a matter that I am not sure whether it falls under Questions and Statements but is a matter of concern to the House. The Senate, as established under Article 96, serves to protect the interests of counties. Therefore, occasionally, when there are matters that are of concern to the country that involves devolved units, the Senate needs to have a voice on the same. The reason I am seeking your intervention is that occasionally, from previous practice in this House, we established a practice where we used to receive quarterly reports in ...
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19 Mar 2024 in Senate:
with the CoB. It was resolved at that meeting that occasionally--- Article 228 of the Constitution provides that at least every quarter, these reports should come to the House. After that meeting, the resolution was that, if possible, on a monthly basis, each Senator shall receive reports on budget performance of their specific counties, which include Exchequer releases and the request for funding, so that they can monitor and do their oversight duties effectively. That practice has since been vacated. Unless I am the one who does not check my pigeonhole and the rest of my colleagues are getting, I ...
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19 Mar 2024 in Senate:
with the CoB. It was resolved at that meeting that occasionally--- Article 228 of the Constitution provides that at least every quarter, these reports should come to the House. After that meeting, the resolution was that, if possible, on a monthly basis, each Senator shall receive reports on budget performance of their specific counties, which include Exchequer releases and the request for funding, so that they can monitor and do their oversight duties effectively. That practice has since been vacated. Unless I am the one who does not check my pigeonhole and the rest of my colleagues are getting, I ...
view
19 Mar 2024 in Senate:
Thank you, Madam Temporary Speaker. I rise to second this Motion brought to us by our Members of the Finance and Budget Committee, a report on the MTDMS. It is very important policy document, which unfortunately we mostly do not give it the due consideration. The biggest crisis that the country continues to face - and we have been in this space, fiscally speaking, for close to five years now - is a debt distress issue. Many of our policy decisions right now are being informed one way or the other by the debt situation we find ourselves in as ...
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19 Mar 2024 in Senate:
Thank you, Madam Temporary Speaker. I rise to second this Motion brought to us by our Members of the Finance and Budget Committee, a report on the MTDMS. It is very important policy document, which unfortunately we mostly do not give it the due consideration. The biggest crisis that the country continues to face - and we have been in this space, fiscally speaking, for close to five years now - is a debt distress issue. Many of our policy decisions right now are being informed one way or the other by the debt situation we find ourselves in as ...
view
19 Mar 2024 in Senate:
I have observed many times on the Floor of this House that this is a conversation which we will have for the next foreseeable future. In my estimation, it is going to be longer than the five years we projected when we passed the PFM amendments a few months ago where we determined that the debt-to-GDP ratio needs to be at a sustainable level of 55 per cent of our GDP. That becomes the measure through which our debt sustainability is anchored. We gave ourselves five years. Of course, this financial year to 2029 with a view to making it ...
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19 Mar 2024 in Senate:
I have observed many times on the Floor of this House that this is a conversation which we will have for the next foreseeable future. In my estimation, it is going to be longer than the five years we projected when we passed the PFM amendments a few months ago where we determined that the debt-to-GDP ratio needs to be at a sustainable level of 55 per cent of our GDP. That becomes the measure through which our debt sustainability is anchored. We gave ourselves five years. Of course, this financial year to 2029 with a view to making it ...
view
19 Mar 2024 in Senate:
The reason why we find ourselves analyzing and looking into our debt situation is because we continue to spend way above what we can afford. Until we come up with concrete policies such as what is being proposed here--- The Committee has noted that in the Budget Policy Statement (BPS) that was presented and passed by this House, there is a proposal to reduce, the fiscal deficit to 3.9 per cent of the GDP by Financial Year 2024/2025. It is a tall order. I know that on this current financial year, we are in and perhaps our colleagues who are ...
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19 Mar 2024 in Senate:
The reason why we find ourselves analyzing and looking into our debt situation is because we continue to spend way above what we can afford. Until we come up with concrete policies such as what is being proposed here--- The Committee has noted that in the Budget Policy Statement (BPS) that was presented and passed by this House, there is a proposal to reduce, the fiscal deficit to 3.9 per cent of the GDP by Financial Year 2024/2025. It is a tall order. I know that on this current financial year, we are in and perhaps our colleagues who are ...
view