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{
    "id": 914951,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/914951/?format=api",
    "text_counter": 186,
    "type": "speech",
    "speaker_name": "Emuhaya, ANC",
    "speaker_title": "Hon. Milemba Omboko",
    "speaker": {
        "id": 13328,
        "legal_name": "Jeremiah Omboko Milemba",
        "slug": "jeremiah-omboko-milemba"
    },
    "content": "We should look at what borrowing itself is. It is the act or receiving something of value in an exchange for an obligation to pay back usually at a greater value at a particular time in future. In my background as a teacher of history, government and economics, borrowing has been in existence for a very long time. So, whereas the guarantor looks at it as a social understanding to guarantee, what is the position of the person giving out the money? The person giving out the money whether a bank… I want our understanding to go beyond banks to the level of other financial institutions, including the current many mobile shylocks that have different names like Fuliza and others. This is because sooner or later, they shall start attaching properties of the people given as guarantors. I hear before you join a Fuliza, you give some names. Hon. Members, at one time or another, you will see yourselves getting a message that you guaranteed either your worker, somebody you know or your constituent and they possibly would like to attach your property. If you look at the mindset of the person giving out the money in that broad understanding, you will see that the people giving out money whether banks or Fuliza are capital owners. The background of a capital owner is to make profit. So, the driving force of the institution giving out money is profit and nothing else. If you want to just juggle your mind, look at the old people who borrowed. I briefly want to refer to Shakespeare’s writing in the ‘ Merchantof Venice’ . They go to an extent of believing you can take a piece of flesh from the heart of the person who owes you money because you need your profit."
}