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{
    "id": 435400,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435400/?format=api",
    "text_counter": 188,
    "type": "speech",
    "speaker_name": "Hon. Aden",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Thank you, hon. Speaker, for giving me the opportunity to contribute to this very important matter. I rise to support this amendment Bill because it will give our country, for the first time, the opportunity to go to the international market--- Indeed, instead of putting pressure on the scarcely available cash locally, this country will now use its sovereignty and be able to access the more readily available funds at a cheaper price than it pays in the local market. Indeed, this will have a lot of positive effects on our economy for the basic reason that the law of demand and supply states. The only reason interest rates are very high in this country right now is because there is a lot of demand for the little funds or cash available in the market. This is especially the case when the Government comes to the local market. It has the effect of raising interest rates to very high levels. In developed countries, which have the ability to borrow from the international market, interest rates are below the 10 per cent rate. It is very likely that this endeavour to change, or bring into effect, this law to allow our country to borrow from the international market will have a similar effect of bringing interest rates down. That will mean that local businesses will now access funds in order to expand their business or get cash or capital that they need to start businesses. More importantly, for the young generation of Kenyans whom we have been reading a lot recently about their inability to afford a home or a house because of high interest rates on mortgages will now enjoy the low interest rates. Many Kenyans will be able to achieve their dreams of making that a reality. Hon. Speaker, the principle of borrowing is just like that of a human being. Integrity is very important. You want to lend to somebody, and you can only do so when you are absolutely sure that the person you lend to has credibility, integrity and has honoured other commitments. This will enable you to trust that person. Time and again, the few speakers who have spoken before me have raised a number of issues. I think some were misguided because the issue of Anglo Leasing does not come to play in this. Hon. Speaker, I must say that when we enter the international market, our integrity will be on test. This means that Kenya will have to be prepared to honour international obligations and, indeed, meet its international commitments. This will include any rulings of any court of justice out there that might have made rulings that oblige Kenya to honour commitments. Indeed, this country will have to oblige. Hon. Speaker, those who stood up here to speak to this matter and support this Bill very much, as indeed should have been done, should also be cognizant of the fact that as a country we need to think about our integrity. The person we are going to borrow money from is going to think about us. For that reason we must be prepared to meet all our international obligations, so that we are a nation that will not walk away from international laws; we will have to honour all international laws. I thank you, hon. Speaker and I support this Bill."
}