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{
    "id": 401520,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/401520/?format=api",
    "text_counter": 235,
    "type": "speech",
    "speaker_name": "Sen. Nobwola",
    "speaker_title": "",
    "speaker": {
        "id": 13116,
        "legal_name": "Catherine Mukiite Nabwala",
        "slug": "catherine-mukiite-nabwala"
    },
    "content": "Thank you, Madam Temporary Speaker. I rise to support this Motion which was moved by Sen. Liza Chelule. She is asking for two things; one, she is urging the National Government to reduce the interest rates charged to farmers by the Agricultural Finance Corporation (AFC) and, also, to abolish the penalties imposed on loan defaulters. The AFC plays a central role in providing financial services for the development of rural and agricultural sector in the country. In the 1980s, I think it was doing extremely well, but when we got to the 1990s, we saw a downward trend. Why is that? It is because some people took out large loans which were secured by farms, and they were not able to pay back those loans; or the AFC was not able to sell the farms, one, maybe because the person who borrowed the monies was a politician or, two, since land is a very sensitive issue, particularly when it comes to clan land, because it is not easy to sell this land. Also, where somebody is a politician and you tried to sell his land, in the past, you would find yourself in trouble. The AFC plays a very important role, as I have said; it does asset finance, seasonal crop credit, and it also gives out development loans. Their interest rates range from 5 per cent to 10 per cent, depending on the kind or type of loan that one has taken out. When one defaults in repaying this loan – and it is not your wish like the other contributor has said – but because it may be due to natural hazards where there is bad weather; or like in Taveta County, when we visited that county, we received complaints from the residents that elephants stray into their farms and destroy their crops. If one has The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate"
}