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{
    "id": 1103169,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1103169/?format=api",
    "text_counter": 212,
    "type": "speech",
    "speaker_name": "Sen. Wetangula",
    "speaker_title": "",
    "speaker": {
        "id": 210,
        "legal_name": "Moses Masika Wetangula",
        "slug": "moses-wetangula"
    },
    "content": "Madam Deputy Speaker, I was in some discussion with some Senators there. I support this report and thank the distinguished Senator for Mombasa County for a well-done job. Our country has done well, but it has not done so well in many respects. We have done well to the extent that we are not one of the notorious loans defaulters. In fact, we are not a loan defaulter in any way in our borrowings. However, we have not done so well because we borrow heavily to the extent that in the 1990s, we were spending over 35 per cent of our Gross Domestic Product (GDP) in debt service and now we are spending even more. Debt service is a heavy burden on our economy. When we have such burden on our economy, we cannot enjoy the luxuries of having a Sinking Fund by putting money in an escrow account. It lies there, earns no interest and no purpose other than when we are under stress, we can use it to service our debts and when we are not a defaulter and when there is no render threatening to take us to the Paris Club, the place where many defaulting countries get arraigned. The conspiracy of international capital is that a default of payment loans to Germany, France, United States of America (USA), United Kingdom (UK), China or Japan are all arraigned before an informal sitting called Paris Club where you are blacklisted. If the Germans blacklist you, automatically you are blacklisted by all the Western renders."
}