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{
    "id": 721735,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/721735/?format=api",
    "text_counter": 363,
    "type": "speech",
    "speaker_name": "Hon. Njomo",
    "speaker_title": "",
    "speaker": {
        "id": 1784,
        "legal_name": "Jude L. Kangethe Njomo",
        "slug": "jude-l-kangethe-njomo"
    },
    "content": "I remember when we were discussing the Banking (Amendment) Bill, I drew a picture of how a moving economy should look like. I drew an anatomy of an animal which has a small head, a big body and a small tail. If the head represents the high income earners, the body represents the middle income earners and the tail represents the low income earners. You will find that our economy is such that it has a very small head, a relatively small body and a very big tail. Our economy will never move with that kind of an anatomy. When we pass these kinds of laws, these are the laws that are going to enable the people to move from the tail to the body, so that our economy can move. This will answer the question that Eng. Gumbo has been asking in terms of what is wrong with our economy. It is because the architecture of our economy is such that we are benefiting only the head. We need to facilitate the tail of our economy to move because it does not matter how many rich people we have. It does not matter how much more riches they get. As long as we have people in the low income bracket and we are not improving their standards of living and we are not facilitating them to access credit, our economy is not going to move. We will only increase the percentage of growth in our economy, but we will not have people access credit. Two weeks ago, the International Monetary Fund (IMF) gave an advisory to this country. It advised this House to remove the capping of interest rates that were imposed by the Banking (Amendment) Act. If you remember during the Nyayo era, the same IMF---"
}