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{
    "id": 301609,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/301609/?format=api",
    "text_counter": 301,
    "type": "speech",
    "speaker_name": "Mr. Midiwo",
    "speaker_title": "",
    "speaker": {
        "id": 184,
        "legal_name": "Washington Jakoyo Midiwo",
        "slug": "jakoyo-midiwo"
    },
    "content": "Nothing stops this Coalition Government from controlling interest rates from this afternoon - nothing whatsoever - so that Kenyans can get relief. Even if they respect the principles of a free market economy, nothing stops the Government of Kibaki and Raila from controlling interest rates in the National Bank of Kenya, the Kenya Commercial Bank and the Consolidated Bank, where the Government has interest. In the current Finance Bill, I am going to be proposing an amendment to force the Government to do two things, namely, first control interest rates in consultation with Parliament in those banks that are controlled by the Government. The other thing that we are going to do, so that our consumers are not exploited, and we shall do it in this Act, relates to the women and youth funds. The Minister for Finance stands here year in, year out as he reads the Budget and says that they are providing money to help women and the youth and then the money is given to the commercial banks. Even after they have prescribed that money cannot be given at an interest rate of more than eight per cent, commercial banks still give the women and the youth that money at over 30 per cent. You cannot walk into Equity Bank and be told that they are holding a Government kitty and you, as a women group, can take a loan at eight per cent interest rate. They do not even advertise."
}