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{
    "id": 431052,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/431052/?format=api",
    "text_counter": 325,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "This House before the end of this year must find a solution to the problem of interest rates. Kenyan companies are competing with foreign companies, the Chinese, the Turkish and Western companies, which come to do business here on borrowed resources at a rate of between 3 per cent and 4 per cent, while Kenyan companies borrow at an interest rate of 19 per cent. So how do we compete? These companies will ultimately get out of the market. So, we are creating this legal framework so that the National Treasury can use the external sovereign bond. We get the Kshs130 billion and first offset the over Kshs52 billion in the domestic market and tell the local banks--- I am sure that the local commercial banks are not happy with this amendment, or with the external Kshs130 billion borrowing."
}