Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 959820,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959820/?format=api",
    "text_counter": 224,
    "type": "speech",
    "speaker_name": "Nambale, ANC",
    "speaker_title": "Hon. Sakwa Bunyasi",
    "speaker": {
        "id": 2511,
        "legal_name": "John Sakwa Bunyasi",
        "slug": "john-sakwa-bunyasi"
    },
    "content": "application fee and whatever fee it is, this can be put into the equivalent of an interest rate so that when you borrow it says the loan you are taking at 5 per cent interest is effectively an annual rate of 18 per cent. Why? It is because there are all these other charges, so that we will be regulating the effective interest rate rather than the nominal interest rate that is quoted casually when we are borrowing. Banks know they will get around it. So, we need to look at that very carefully. Five, this restriction has made life a lot easier for large borrowers: enterprises and perhaps individuals. We have left money in the banks to be taken by the large borrowers. If the large borrowers are now borrowing at the rate of 13 per cent, the volume that they take is going to compensate for what the small borrowers were taking. I support the intention that Hon. Jude Njomo is so passionately pursuing. Despite the fact that I have a different view point on interest rates, I am in complete agreement with him to pursue this point to its logical conclusion. We must support Hon. Jude Njomo. We must support this House by broadening what it takes to lower interest rates. We should start with the fiscal policy side and get the Treasury to tell us the truth about the amount of revenue they will raise so that they do not come in indirectly and take money through borrowing. Or, as somebody has mentioned here, the Treasury must call Government entities and ask them to cut their expenditures. Cutting expenditure may be good. It should be done when the Budget comes here so that we can look at what the Budget would do to growth and jobs."
}