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{
    "id": 444673,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/444673/?format=api",
    "text_counter": 377,
    "type": "speech",
    "speaker_name": "Hon. Lati",
    "speaker_title": "",
    "speaker": {
        "id": 2762,
        "legal_name": "Jonathan Lelelit Lati",
        "slug": "jonathan-lelelit-lati"
    },
    "content": "On the Euro Bond that we have just floated, it is the first in our Budget. This is the first time we have incorporated bond proceeds into our Budget. There is nothing that we can say that is negative about this bond; if you look at the benefits that we can have from this bond, they trigger down to the wanjikus of our villages. We are bringing about US$2 billion into our country, which is almost 50 per cent of the imports cover that we have today in our country. That will definitely strengthen the Shilling. Interest rates will come down because the Government will not be borrowing locally; there will definitely be the crowding out effect. The other thing that is not mentioned here about this bond is that the Government owns about Kshs52 billion of syndicated local loans. We will pay those loans because they are very expensive in terms of interest. We will save in terms of interest expenses."
}