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{
    "id": 959751,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959751/?format=api",
    "text_counter": 155,
    "type": "speech",
    "speaker_name": "Endebess, JP",
    "speaker_title": "Hon. (Dr.) Robert Pukose",
    "speaker": {
        "id": 1458,
        "legal_name": "Robert Pukose",
        "slug": "robert-pukose"
    },
    "content": "within the region and international standards so that they bring down the interest rates so that they do not have the Government as the only borrower. What is happening is that, as we bring down the interest rates, it is only Government institutions that are borrowing large amounts of money because the risks are low in Government. Therefore, banks will be more comfortable doing business with the Government, lending money to parastatals and not business people. The annuity programme that the Government was trying to roll out could not be rolled out because the interest rates that our contractors were being charged by the banks were too high. Therefore, they were not able to take up some of the construction contracts like tarmacking of roads and doing other businesses. We have now left our road construction contracts to the Chinese who can go to Exim Bank and get cheap loans to run those contracts in our country. Our own engineers whom we have trained and entrepreneurs who are willing to invest cannot access cheap loans because banks have made it difficult to cap interest rates and the economy is not growing. If you go out there in the streets, many Kenyans will tell you that there is no money in circulation. That was not helped by the Central Bank of Kenya regulation on the amount of money that one can withdraw from his account on any given day, pegging the maximum amount at less than Kshs1 million, unless you have an explanation as to why you want to withdraw or deposit more than Kshs1 million. Therefore, many people prefer to keep their money under their mattresses. This is something that this House must address itself to clearly. We must support this Bill that has been brought by Hon. Jude Njomo, who is a man for the time I have been in Parliament I have come to respect when it comes to financial issues. He did his best on this Bill in the 11th Parliament. Now, in the 12th Parliament, he has done his best on the same Bill. The people of Kiambu have put their trust in a man who has the interest of this country at heart. With those few remarks, I support."
}