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{
    "id": 431085,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/431085/?format=api",
    "text_counter": 358,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) A.W Ng’ang’a",
    "speaker_title": "",
    "speaker": {
        "id": 2884,
        "legal_name": "Alice Wambui Ng'ang'a",
        "slug": "alice-wambui-nganga"
    },
    "content": "Thank you very much, hon. Temporary Deputy Speaker. I contributed to the earlier Motion, and I will still contribute to this Bill. I rise to support the amendment Bill. Once people diversify, we will spread out risks. When we borrow here and put all our money in the same basket, and anything goes wrong, it will mean that we will lose. But if we diversify and borrow from different external institutions, it will mean that we will spread risks; if the deal is good, we will win, but when the deal is bad, we will share the loss with others. The pressure that we are having now due to high interest rates is because we are competing with the Government to borrow. There is no way you can compete with the Government and you win. The interest rates go high because when the Government comes in, the banks want to increase the interest rates. But if we borrow externally, it will mean that the pressure on our people will ease and the interest rates will go down. People will borrow at cheaper rates and businesses will grow. Right now, if you go the streets, or to businesses, the traders do not want to borrow any more. Money is circulating as in the old days when people kept money in their houses and borrowed from their friends or somewhere else but not from banks. This is because when people borrow from the banks, they pay twice or thrice the amount of money that they borrow. Many businesses are closing down. In business, the first five years are paramount. That is when the business picks or goes down. So, for the first five years, if the interest rates go down, every person will be willing to go to the bank and borrow and there will be economic growth. Right now, we cannot grow at the rate we want to. When the interest rates are high, everybody shies away, and it means that we are stuck. Our growth will become stagnant or decline. I support this amendment Bill. Let us borrow externally."
}