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{
    "id": 435157,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435157/?format=api",
    "text_counter": 376,
    "type": "speech",
    "speaker_name": "Hon. Dawood",
    "speaker_title": "",
    "speaker": {
        "id": 2572,
        "legal_name": "Abdul Rahim Dawood",
        "slug": "abdul-rahim-dawood"
    },
    "content": "Hon. Temporary Deputy Speaker, Clause 4 proposes to remove purchases from the entity that borrowed. I think purchases should not be removed because we do not want to purchase ourselves; it removes purchases and gives a free hand in a way which leaves us unprotected. It goes on to say that an agreement to obtain a loan by a national Government entity maybe amended from time to time. I think what is said is duplicated or negated by what is there. The other thing is that we need the sovereign bond very much, so that we do not crowd the domestic market. What happens is that when there is not enough money the Government needs to borrow; if it borrows locally the interest rates go up. It crowds out entrepreneurs who want to borrow money and the interest rates go up and nobody benefits. This is because when people borrow from overseas they pay two to three per cent, whereas our entrepreneurs in Kenya pay up to 25 per cent interest. I am glad that the Deputy President has taken it up and said that banks should reduce interest rates. I remember when we were with the International Monetary Fund (IMF) Director, Ms. Lagarde, at County Hall, I mentioned that we needed to reduce 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."
}