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{
    "id": 680131,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/680131/?format=api",
    "text_counter": 11,
    "type": "speech",
    "speaker_name": "Hon. Mulu",
    "speaker_title": "",
    "speaker": {
        "id": 1955,
        "legal_name": "Benson Makali Mulu",
        "slug": "benson-makali-mulu"
    },
    "content": "Thank you, Hon. Speaker. I want to take this opportunity to thank the Petitioner for the important issues he is raising in his Petition. The Petition is reminding the House of the issue of budget deficit which is with us every year. What the Petitioner is saying is that we need to think seriously about how to fund budget deficits without interfering with interest rates. This House has already initiated some legislation which might help, at the end of the day. The Departmental Committee on Finance, Planning and Trade might also need to fast-track amendments to that legislation. The Petitioner is raising the issue of a single treasury account. The county governments have accounts in Central Bank and the national Government cannot borrow from them because they are independent. The issue of introducing the single treasury account is to make sure that whichever Government account has money, it can be borrowed from that account and used for purposes of national interest. What will happen is that this will reduce the demand for loans from the commercial banks. To some extent, it will reduce crowding out the private sector in terms of borrowing. If that happens, the supply for money will be high as compared to demand and interest rates which are likely to be low. This Petition is very important to this country. We need to support the Petition and ask the Departmental Committee on Finance, Planning and Trade to take it seriously and, if possible, conclude it within the 60 days allowed without taking the normal time of three to four months. I want to thank the Petitioner for presenting that Petition. Thank you."
}