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{
    "id": 1076669,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1076669/?format=api",
    "text_counter": 414,
    "type": "speech",
    "speaker_name": "Othaya, JP",
    "speaker_title": "Hon. Gichuki Mugambi",
    "speaker": {
        "id": 13463,
        "legal_name": "James Gichuki Mugambi",
        "slug": "james-gichuki-mugambi-2"
    },
    "content": "We also have to support our small scale businesses. We must ensure that the money we are borrowing from the banking sector is not crowding out the private sector. We have started seeing signs of interest rates coming up because the Government is borrowing a lot locally. We would request the National Treasury to continue making effort to externalise part of the debt and also to manage expenditure. As we speak, when you look at the amount of money we are paying on external loans plus interest and what we are paying as salaries and recurrent expenditure, it shows that we are between a rock and a hard place. The only way to manage this situation is for the National Treasury to come up with measures to reign in on unnecessary expenditure and also to ensure that most of the commercial loans which are short-term with high interest rates are renegotiated, externalised where we can, and we go the multilateral way where we can get loans on concession basis."
}