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{
    "id": 272983,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/272983/?format=api",
    "text_counter": 329,
    "type": "speech",
    "speaker_name": "Ms. Karua",
    "speaker_title": "",
    "speaker": {
        "id": 166,
        "legal_name": "Martha Wangari Karua",
        "slug": "martha-karua"
    },
    "content": "Mr. Deputy Speaker, Sir, I rise to support the Motion. I want to commend the Committee for a job very well done. It is quite clear from the findings of the Committee that the Central Bank of Kenya (CBK) as a regulator failed miserably and also that intervention by the Government came a little too late. It is, therefore, also clear that both the regulator and the Ministry of Finance knew they had a responsibility to intervene but deliberately waited for the banks to make a kill before intervening. What we need to know is that when inflation goes high, those who suffer are the poor and vulnerable. Therefore, we are allowing the greed of institutions to overburden the poor. It is greed that caused the collapse of the world economy. Since the year 2007/2008 the whole world has experienced financial turbulence which is still being felt by the US and the Euro zone. We have continued with the same practices that triggered the collapse of the monetary systems there. Mr. Deputy Speaker, Sir, although this Report has been mutilated, it still contains very crucial recommendations about what should be done and how we should move from here. I, therefore, want to support that we pass the Report. The Report is not so much about individuals but about the policy direction the country should take, the actions that the Government and regulator should take to ensure that we have an effective monetary policy committee, to ensure that we have appropriate fiscal and monetary policy and the regulators play their roles. I want to join colleagues who have pointed out that in the developed world interest rates are never let to run amock."
}