Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 435406,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435406/?format=api",
    "text_counter": 194,
    "type": "speech",
    "speaker_name": "Hon. (Prof.) Nyikal",
    "speaker_title": "",
    "speaker": {
        "id": 434,
        "legal_name": "James Nyikal",
        "slug": "james-nyikal"
    },
    "content": "Thank you, hon. Speaker, for giving me this opportunity to support this amendment. Even those of us who do not understand economics very well can understand the simple fact that it is important to avoid Government borrowing a lot within the local market. This is because competition makes local loans extremely expensive and pushes out the local people who would like to invest. That is simple enough. To that extent, I do support this Bill. It is also clear even to people who are not economically well educated. Let me say that, if this country is to grow fast, we will need to get a lot of money to fund major projects. This is the level of funding for which you cannot raise money locally. Once again, we need to prepare our laws and pass a law that makes it possible for us to raise money from outside; this is extremely important. We are aware that interest rates in this county are actually prohibitive. In other countries, when the interest rates get to about 6 per cent, it becomes a national crisis while in this country we are talking about interest rates of 20 or 25 per cent. Sometimes it beats sense; I am not a big business person, but what business would you do that will give you profit to pay an interest rate of 25 per cent and still stay in the market? In order to bring the interest rates down, this is the way to go. Hon. Speaker, the main reason why I have made a comment is that when we go into external borrowing, we really must cap corruption. We must go for transparency. If the way we handle our national issues is not transparent and is opaque, even if we go into the international market, I do not think people will buy our bonds. To give you an example of what is currently engaging us; Anglo Leasing is exercising my simple mind. I do not think it is just paying the debts that we have now. It is the whole area of being transparent. It is not just a single one. When we pay this, what are the others and what is the history? How are we going to handle things nationally? The main debate on Anglo Leasing now is simply that nobody is saying who was involved. The country is supposed to pay yet we do not know who did what. I do not 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."
}