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{
    "id": 1213937,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1213937/?format=api",
    "text_counter": 308,
    "type": "speech",
    "speaker_name": "Bondo, ODM",
    "speaker_title": "Hon. Gideon Ochanda",
    "speaker": null,
    "content": "bring in front of us in terms of loan guarantees? What are we getting as we look forward to borrowing? What are we doing in terms of managing debts properly? The recommendation of a sinking fund dedicated for purposes of public debt servicing is very critical. Such that we do not pay today and yet we borrowed yesterday, or we do not borrow beyond what we are able to pay. I think these are some of the most critical and necessary things that are recommended here. I have talked about investing in production so that we are able to balance. The only way we can balance in terms of foreign trade and everything else is when we place our borrowing in areas that promote production. We have a very big problem in this region because at this stage, there is drought in a big part of it. The production cost in Tanzania and Uganda cannot be compared to ours. It is much more expensive to produce an egg here. So, what happens? We get chicken and eggs from Uganda because we are unable to produce. In the long run, this definitely means we have a shortage of foreign exchange. We have been putting money in things that we can have locally. Hon. Temporary Speaker, the main question I am bringing as we close is: What are we borrowing for? If we are borrowing to consume, then we are in big problems. If we are borrowing to produce, then that direction will help this country. Debt is not bad. The main thing is what are we borrowing for? I am repeating again that, in terms of all our Consolidated Fund Services, debt is the only service that can create wealth and bring investment to this country. Thank you, Hon. Temporary Speaker."
}