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{
    "id": 915014,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/915014/?format=api",
    "text_counter": 249,
    "type": "speech",
    "speaker_name": "Sirisia, JP",
    "speaker_title": "Hon. John Waluke",
    "speaker": {
        "id": 2792,
        "legal_name": "John Waluke Koyi",
        "slug": "john-waluke-koyi"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker for giving me a chance to contribute to this important Bill. We are talking about the borrower and the guarantor who are important to a bank. Members have spoken and are blaming, mostly the borrower for misusing money to the extent that at the end of the day the guarantor is punished. His assets are sold because he guaranteed a borrower. Sometimes you can borrow money then get a problem like getting sick. If you have received the money you will use it to save your life. Your life is more important than the money that you borrowed. So, nobody should blame me for not using money on the reason I intended to borrow it for. People cannot say that I have borrowed money and misused it by marrying a second wife or more wives. It is my business how I use money that I have borrowed from a bank. It is not their business to blame me. I will be to blame if I defaulted in repaying it. If I default for reasons I understand, I can talk to my guarantor. I can inform them that because of a given problem, I may default in repaying. It is always good to alert your guarantor. You talked in good faith and they guaranteed you in good faith. It is good for the two of you to talk. What we also need to talk about is the bank interest rates. We still need to bring bank rates down. We thank Hon. Njomo who brought a Bill on capping of interest rates. The interest rate is still high. It is about 14 per cent. So, we need to check what we passed in this House and what the banks are charging their clients as interest. I am sure they have not complied with the Bill that we passed in this House. It is still high for borrowers. In the economy of this country, without borrowing, banks cannot make money. Although they made money before the Bill was passed, they are still insisting on the interest rates that they had before. Because of time – there are many Members who want to contribute on this Bill – I want to thank Hon. Waititu for bringing this Bill. We are going to pass it. I support it. Thank you."
}