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{
    "id": 435106,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435106/?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": "Clause 6 of the Bill proposes to amend Section 55 of the principal PFM Act. This is to make it crystal clear the role of the registrar of securities in relation to external Government security. This amendment is basically a legal framework because the National Treasury wants to do an external sovereign bond of Kshs130 billion. Currently, the Government’s local domestic borrowing is to the tune of Kshs22 billion and it is coming to an end at the end of May. The Kshs130 billion external borrowing, I want to make it very clear, will enable the Government not to borrow from the domestic market. When it does not borrow from the domestic market, it will reduce the interest rates; one of the reasons why we have high interest rates in our country is because of Government borrowing from the domestic market. So, we expect that if they borrow Kshs130 billion from the external market, there will be two good things for this country. One, the private sector will have enough money to borrow, and so there will be no question on the private sector. The private sector can negotiate with banks at an interest rate of their own."
}