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{
    "id": 431955,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/431955/?format=api",
    "text_counter": 202,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Hon. Speaker, I want to take very short time, and I said it when I was moving. First, I want to thank the Members for their valuable contribution. Interest rates are a very serious issue in our country. Kenyan businessmen are competing with companies from China, Turkey, Malaysia and Europe who have borrowed money at 3 or 4 per cent when our companies are borrowing at 18, 19 and 20 per cent. If we allow this law, the issue sovereign bond and the Government gets Kshs130 billion, I can tell you that, first, the Government will stop borrowing from the domestic market. Secondly, the Kenya private sector will get enough resources and negotiate with the banks. Today, the Government has borrowed from the domestic market over Kshs52 billion at high interest rates. The moment the Government does not borrow from the domestic market, I can tell you the interest rates will come down. Once the interest rates come down, development in our country will be facilitated. I see this Bill from that point of view. Bring in the Kshs130 billion for our people, and indirectly that will affect the interest rates of this country. If we do not do that, this House will be under an obligation to deal with the animal called “high interest rates”. That is why our country will not develop. If interest rates are at 7 per cent, most of our young middle class, who earn Kshs50,000, will get mortgages. We are working for banks. Banks are posting profits of billions every year for the first time since Independence. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}