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{
    "id": 245256,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/245256/?format=api",
    "text_counter": 171,
    "type": "speech",
    "speaker_name": "Mr. Mwiraria",
    "speaker_title": "",
    "speaker": {
        "id": 283,
        "legal_name": "David Mwiraria",
        "slug": "david-mwiraria"
    },
    "content": "Today, as we sit here, the Government of Kenya cannot borrow cheap money in the world market. It can only borrow under very restrictive conditions. If you want to borrow, 35 per cent of what you borrow must be grant element and the rest must come down to what you can borrow from the World Bank. At a time when the world is full of cheap money; when in some countries, in fact, interest rates do not exist, you take your money to the bank for security but you do not get any interest. At a time when some of the oil-producing countries, particularly in the Middle East, are looking for avenues to invest their funds; if you cannot borrow at 2 per cent or even 1.75 per cent interest rate, and you want to develop your infrastructure, when are you going to develop? That is why I am saying boldly that let us become self-sufficient in Recurrent Expenditure and go out and borrow for development. June 29, 2006 PARLIAMENTARY DEBATES 1745"
}