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{
    "id": 1382400,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1382400/?format=api",
    "text_counter": 286,
    "type": "speech",
    "speaker_name": "Karachuonyo, ODM",
    "speaker_title": "Hon. Adipo Okuome",
    "speaker": null,
    "content": " Thank you for the compliment. Let me start by saying that before we borrow, we should first find out why we are borrowing. Let us not borrow money for recurrent expenditure. Let us borrow money that will help us invest in this country. That is very important. If we know what we are borrowing for and we borrow for what purpose, we should be able to follow up on the progress of implementation. We should be receiving reports quarterly, on the progress of the work as it is going on, so that we make sure that the project which has been started using a loan is completed. This is very important. Many times, we have spent a lot of money on a project that cannot be completed. The other important point is the cost of borrowing. We should be very conscious of the cost of borrowing, which is interest. This is when we can see whether to borrow locally or from external sources. When our money goes down in value when we have borrowed from external sources, the loan increases in amount without any benefit. This is because of the value of the money as we pay the loan we borrowed. When we look at that cost, it will call upon us to see how our Kenya Shilling behaves. We expose ourselves to more debts if the Kenya Shilling is not protected. We expose ourselves to local problems in our purchases, especially purchases from without the country, meaning buying from outside Kenya. That also becomes expensive."
}