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{
    "id": 1382408,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1382408/?format=api",
    "text_counter": 294,
    "type": "speech",
    "speaker_name": "Tinderet, UDA",
    "speaker_title": "Hon. Julius Melly",
    "speaker": null,
    "content": "The other issue is that it is very clear that the National Treasury shall submit a report to the National Assembly providing practical measures to reduce the domestic debt service burden to a sustainable level. If this is not done, borrowing within the local market is going to be a problem. The interest rates will go through the roof if we do not have a capping. Capping will spur development and borrowing by ordinary people. If we cannot do that, interest rates will go very high and the banks will not have any money to lend. They will only lend the Government because it will be the only one that will be able to pay. I thank the Committee for recommending that the National Treasury shall submit a comprehensive report to the National Assembly on the breach of the debt anchor of 85 per cent. This has been said severally. The National Treasury is a very important Government department that has the responsibility of ensuring that public debt is managed and does not go beyond the 55 per cent or plus five digits. That is the reason why we are saying that it has a very big role to play in ensuring that, that aspect is kept and they report to this House because we represent the people. Because the issues raised here are very important, I ask the Committee on Implementation and the Budget and Appropriations Committee to look into this particular issue. Every time we pass important policy matters that are placed before this House, let them be stuck to and let the relevant committees ensure that they are implemented to the letter. I thank you, Hon. Temporary Speaker."
}