Countries should prioritize financing development through domestic resources like infrastructure funds and housing levies rather than international borrowing, as internal financing allows nations to maintain control over their development trajectory and avoid exploitation from international lenders who charge high interest rates.
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Oburu: People are complaining about the Housing Levy, but the results are eminent
Added:with vision. If you are a person who want to unite the country.
I know we have people who are saying that you are doing nothing.
But I wonder whether they live in this country.
I have lived in this country for more than 80 years.
And your Excellency, I can tell you that the type of energy you have moving all over the country, jumping up and down. I have never seen any president doing that since I was born.
I have never seen.
This kind of work which you do to the people is only done during campaigns.
Some people might say that you are campaigning throughout.
But campaigning throughout is uh I mean it's what given. If you You are if it is campaign, me I don't believe you are campaigning.
What I believe you are doing, you are inspecting development projects.
And I see even when you come to pray like this, the leaders who come before you here are pleading with you to do some things which have not been done.
Because development can never end. It will go on and on and on and nobody will develop this country and I have now finished development.
If America is still developing, how can Kenya ever reach there? We have not reached even a quarter of them.
But we want to reach there very soon.
We want to go to that first world very very soon.
And I can see the measures which you are being taken by Kenya are going to take us there.
People are complaining that there is a very big gap in the financing of the country.
But this I'm a I'm a I'm a finance expert.
And I can tell you that the financing of this country uh the levels where the the the country is borrowing we are borrowing from our own.
We are not going to beg in the international market with a with a heart in every every capital begging. We want to trade with them.
We don't want to be beggars.
And uh the what what do you say is uh borrowing from from within is actually what should be done. What What do those other countries do do those countries owe you that you think they can be giving you money for nothing?
They exploit you. When they take when they when when when you take money from them, they charge you a lot.
And it is in their in their interest.
So we must use our own resources and you have started to do it.
You have created infrastructure fund which is an internal uh matter. You are develop we have housing levy.
People are complaining, but we can see the results of the collections.
The results are eminent and they they are evident.
So you are raising money from within to develop our own country.
This is important.
And when you have uh a gap in uh the the revenue you collect under the development projects and the under current expenditure you want to to do.
This is not anything which is new. All countries do it. All countries have deficits.
It is not only our country which has deficit.
All countries have deficits, but it is only how you finance the deficits that is important.
And I I
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