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{
    "id": 435139,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435139/?format=api",
    "text_counter": 358,
    "type": "speech",
    "speaker_name": "Hon. ole Ntutu",
    "speaker_title": "",
    "speaker": {
        "id": 2535,
        "legal_name": "Patrick Keturet Ole Ntutu",
        "slug": "patrick-keturet-ole-ntutu"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker, for giving me this opportunity. This is a very straightforward amendment to the Public Finance Management Act. We want to provide a legal framework, so that our Government can borrow from outside. The reason why we have had high interest rates in this country is because we have not provided, as the National Assembly, a framework to enable the Government to borrow from outside. When you look at other countries all over the world, they have opened up the basket, so that the Government can engage with financial institutions in their securities and even lending among governments. This has not happened. I remember some years back, hon. Donde tried to look for ways of reducing interest rates in Kenya. He tried to address this issue, but nobody listened to him. He was asking how we can reduce interest rates in Kenya. This is one way and we must congratulate His Excellency the President and his Cabinet for coming up with this very brilliant idea to change the way we do things. Let us think outside the box. As a country, we have been thinking just within the box without expanding our thinking. I also share the sentiments of my colleague that allowing the Cabinet Secretary and other agents to put signatures--- We must make sure that it is crystal clear as to who should put the signature on the dotted line to say that we have agreed with so and so to borrow money from outside. Otherwise, we will have another Anglo Leasing. I must also say that I like the idea that all the proceeds that we receive from this borrowing will go directly to our Consolidated Fund, so that we can trace where it will be coming from. On the issue of external borrowing, we must register, so that we can have transparency in the kind of security that we will be giving out. For the last past week, we have been talking about the issue of paying the Anglo Leasing money. One of the reasons why we want to pay this money is because we have 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."
}