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{
    "id": 444069,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/444069/?format=api",
    "text_counter": 206,
    "type": "speech",
    "speaker_name": "Hon. G.W. Omondi",
    "speaker_title": "",
    "speaker": {
        "id": 1169,
        "legal_name": "George Washinton Mallan Omondi",
        "slug": "george-washinton-mallan-omondi"
    },
    "content": "Many positive things have been said about the sovereign debt. However, let me point out that there are some pitfalls that we need to be aware of. The sovereign debt is not a gift but it is something that we will pay. The sovereign debt will work if it is applied to development projects and the returns are better than the cost that we will incur. However, the sovereign debt can also bring other side effects. We are trying to reduce interest rates in our country. The sovereign debt may create inflation that may cause the Government to go and mop the same excess money which could make interest rates to go up. We need to watch that. Treasury needs to be alert so that, that does not happen. Alternatively, the foreign money coming into our country will strengthen our shilling which can affect our exports. That can reduce our earnings from exports. As I said before when I was contributing to the Supplementary Appropriation Bill, we need the Treasury to give us some economic fundamentals that can be reported to this House quarterly so that we know what is going on now that these Bills are being published. Let us not get excited that we can go on borrowing, but let us keep Treasury on its toes. With those remarks, I beg to support."
}