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{
    "id": 954762,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/954762/?format=api",
    "text_counter": 454,
    "type": "speech",
    "speaker_name": "Kipipiri, JP",
    "speaker_title": "Hon. Amos Kimunya",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": "If we agree to remove the capping of interest rates, the SMEs sector, which is probably the lifeline of this country right now because the big companies are busy laying off workers, will suffer. The SME sector, that we need to save, will probably be the one to save the realisation of the Big Four Agenda. I hope the people who advise the Executive and the President are in touch with the reality to see what is happening. By advising that we remove the cap at this point when the economy is at its lowest, when it is almost going into a recession, will actually kill the few SMEs and traders who have been daring to go to banks and borrow. The banks are not yearning for removal of capping of interest rates so that they can lower the rates, but they want the capping to be removed so that they can raise the rates. So, anyone suffering borrowing at 14 per cent and cannot even sell will now be forced to borrow anything that will be set and it could be 19, 20 or 30 per cent and the whole economy will come to a standstill if not tumble."
}