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{
    "id": 1222578,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1222578/?format=api",
    "text_counter": 212,
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    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "There are a few areas which we considered that I want to highlight. I mentioned some of them when we were considering the Supplementary Estimates. That is why I will not over- emphasise them today. Currently, we are still reeling from the effects of the COVID-19 pandemic that has ended, but whose effects have not. Our country is facing a very severe drought and famine, which definitely compounds the issue of inflation. There is also another global trend of the strengthening of the US Dollar, which has made other foreign currencies lose ground in comparison to the greenback. The fourth factor is what is happening in Europe in terms of the Russia-Ukraine war. Those are fundamental factors. Hon. Speaker, as we all know, the economy deals with facts. Some of those issues may seem like repetition because the economy we discussed a month ago is the same economy we are confronting today. Some of those realities have not changed. As the Budget and Appropriations Committee, as a House and as a country, we need to be cognisant of the fact that when we have prolonged shocks like the ones that I mentioned earlier, sometimes interventions may not work. Sometimes only policies can work. When you have prolonged shocks, they cease to be shocks and can no longer be tackled through interventions. We then have to create policies that will confront those kinds of prolonged shocks because they cease to be actual shocks. That is what we tried to do by setting the current debt ceilings."
}