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{
    "id": 172223,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/172223/?format=api",
    "text_counter": 521,
    "type": "speech",
    "speaker_name": "Mr. Michuki",
    "speaker_title": "The Minister for Environment and Mineral Resources",
    "speaker": {
        "id": 183,
        "legal_name": "John Njoroge Michuki",
        "slug": "john-michuki"
    },
    "content": "The Government has avoided commercial borrowing, because it is very expensive and will create servicing problems in the future. However, in a situation that we are in, we have very limited choices. We cannot gamble with the lives of our people. It is for this reason that the Government has decided to undertake this commercial borrowing, which has a grant element of 2.33 per cent interest, consisting of the liable rate of 1.83 plus 0.5 per cent above liable. If you put them together, they will amount to 2.33 per cent. That will be the interest charged on this loan. Therefore, this is highly negligible. Indeed, by the time we come to pay it inflation will have eaten away the interest, as hon. Okemo will confirm."
}