Charles Reubenson Kibiru

All parliamentary appearances

Entries 61 to 70 of 538.

• 19 Oct 2021 in Senate: Madam Deputy Speaker, the public debt has increased from Kshs1.49 trillion as at June 2011 to Kshs7.71trillion as at June, 2021. This represents about 400 per cent increase in debt in the last 10 years. view
• 19 Oct 2021 in Senate: The increase has been mostly caused by a persistent fiscal deficit or financing gap. In the FY2021/22 it is estimated to amount to Kshs252.9billion, which is the deficit. The deficit will have to be financed through borrowing and the resultant total public debt will rise to a further new level of Kshs8.663trillion. The total new public debt level is estimated to account for approximately 69 per cent of the GDP, indicating that up to 69 of all the country’s productivity will be utilized in the repayment of public debt. That means that if we continue with that trend, the debt ... view
• 19 Oct 2021 in Senate: 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. view
• 19 Oct 2021 in Senate: It is important that the National Treasury has already entered into commitment worth about Kshs1.13trillion. As such, the provided borrowing space is already locked into loans commitment. That is what I meant when I said that we may have exceeded this. Surprisingly, this, therefore, brings the total debt stock, dispersed and non-dispersed, to Kshs9.02 trillion, which is beyond the approved ceiling and leaves no space for new debt. As we do all the other issues, we may be declared an ongoing concern as a country. The continued existence of this fiscal deficit indicates a lack of fiscal commitment required to ... view
• 19 Oct 2021 in Senate: The external debt amounts to Kshs4.015 trillion, accounting for 52 per cent of total debt stock. This comprises bilateral debt at 28 per cent, multilateral debt at 41 per cent, and commercial debt at 30 per cent. I believe the commercial debt includes the infamous Eurobonds. The key creditors, who together account for 77 per cent of external debt are China at 19 per cent, International Development Association (World Bank Group) at 27 per cent and sovereign bond holders and commercial banks at 30 per cent. Madam Deputy Speaker, the accumulation of public debt has resulted in the increase in ... view
• 19 Oct 2021 in Senate: 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. view
• 19 Oct 2021 in Senate: cent of revenues which will be available for financing other critical budgetary activities. At this level, expenditures on debt servicing have surpassed the expenditures meant for national Government development. That is about 188 per cent. Secondly, it has surpassed the transfers to county governments by 285 per cent. Probably that is why we support governors to get 35 per cent in the coming financial year because that is what we have always been promised. Madam Deputy Speaker, during the engagements, the committee noted that there was a reserved adherence to the constitutional requirements of openness and accountability when it came ... view
• 19 Oct 2021 in Senate: 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. view
• 19 Oct 2021 in Senate: Madam Deputy Speaker, concerns have been raised on sustainability for Kenya’s debt stock. Presently, a number of key debt sustainability indicators have been breached, thus indicating vulnerability to fiscal shocks into the long-term. Coupled with low economic growth rate, like we all know because of other factors, Kenya’s debt stock is currently classified by the International Monetary Fund (IMF) as being at a high risk of debt distress. That means we are at the tip. So, if anything happens, it will be disastrous. That is the information that was provided by the stakeholders that we met, including the Governor of ... view
• 19 Oct 2021 in Senate: Madam Deputy Speaker, I meant the people who sat in front of us and I inferred to the CS, National Treasury. The buck stops at the National Treasury and the person who heads the National Treasury is the CS, National Treasury. So, the buck stops with him. The other concern as I mentioned relates to the contravention of Section 15(2)(c) of the PFM Act, 2012 which stipulates that: - “Borrowed funds shall only be used to finance development expenditure.” In the Financial Year 2020/2021 the National Treasury - the people I have mentioned here - utilized Kshs61.5 billion of Kshs70.1 ... view