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{
    "id": 1266746,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1266746/?format=api",
    "text_counter": 346,
    "type": "speech",
    "speaker_name": "Starehe, JP",
    "speaker_title": "Hon. Amos Maina",
    "speaker": {
        "id": 13283,
        "legal_name": "Charles Kanyi Njagua",
        "slug": "charles-kanyi-njagua"
    },
    "content": "Hon. Temporary Speaker, we have very qualified economists in this country who should be used to solicit for cheaper loans. We borrow loans at high interest rates - a mistake which will eventually catch up with us. We have seen what is happening in other countries. People who lent money to certain countries have taken over some serious institutions belonging to those republics. In some countries, sea ports and airports have been taken over by foreigners who lent those countries some money. It is just a matter of time before our foreign debt catches up with us, as a country. I would also like to speak to the issue of expenditure. This is a very challenging part and it is where we seem to lose it. As Hon. Osoro has said, expenditures being incurred by various Government institutions are not in tandem with the economy. Some people live beyond their means through Government money that is borrowed at high interest rates. The current Government has chosen to borrow from the domestic market. This is a very big challenge for us as a country. With the passage of the Finance Bill, 2023, a lot of taxes have been imposed on Kenyans. If the Government competes with Kenyans for cheap loans from local banks, the banks will always lend to the Government because it has a higher collateral. Businesspeople will not be able to access loans. Currently, banks have increased their rates and it has become very expensive to get loans. Where are we going to get tax from if we kill the businesses that are supposed to pay taxes? It is time we had this discussion as a country, so that we have a clear way forward on how to tackle the issue of public debt. With those remarks, I submit."
}