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{
    "id": 12944,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/12944/?format=api",
    "text_counter": 500,
    "type": "speech",
    "speaker_name": "Mr. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "The first cause is the Government. Why do I say so? I say so because the Government has failed to deal with the cartels. This Government has one of the best institutional mechanisms and the best investigative infrastructure. Why are those cartels not being dealt with? The second reason why I am blaming the Government is that it has been encouraging import economy instead of encouraging export economy. Therefore, this has greatly reduced the balance of trade. We pride ourselves and we normally say that in the Gross Domestic Product (GDP) of East African Community (EAC) Kenyan GDP constitutes 67 per cent. Therefore, anything that affects the economy of Kenya affects the economy of the entire East Africa. To that extent, we must remain a leading nation and remain true to our calling. So, our economic policy should not only be tailor- made for Kenyans alone, but must have a bearing on what is good because our economy is the best in the region and it must take into account what is good for the entire East African States. The third reason why I say the Government is to blame is because of too much borrowing. Of late, we have been saying that we do not need to go to IMF or anywhere else. But ask yourselves: How do we finance our Budget? It is because you, as an individual and the Government of Kenya, are competing for loans from the commercial banks. That is why the interest rates have been going high. Therefore, it is difficult for the ordinary Kenyans to borrow because they cannot compete with the Government of Kenya. That is why many Kenyans who borrowed loans from banks between 2003 and 2009 it was at a base lending rate of about 8 per cent. But, today, it is 30 per cent. How are they going to service those loans? It is because of that, that as Parliament and an institution, we must face this crisis. We must deal with culprits whether they are banks or individuals because Kenya is bigger than any individual or organization. The fourth reason why I think the Government is to blame is because those banks have exploited---"
}