 The speaker beg to lead the following motion standing in my name, resolution standing in my name, whereas it is provided by section 63.1e of the Public Finance Management Act, cap 51.0 on the act that a minister financed me by an affirmative resolution of parliament borrowed from a bank or the financial institution for the capital or current expenditure of government and whereas it is further provided on the section 64 of the act that money borrowed by the government must be paid into and form part of the consulated fund and whereas the minister of finance considered it necessary to borrow an amount of special joint rights 30,500,000 the loan from the International Development Association, the fund to finance the solution sustainable recovery development policy financing and whereas the service charge is three-fourths of one percent per annum on the on the on with joint financing balance and whereas the loan is payable in 40 years commencing from the date of disbursement of the loan inclusive of a great period of 10 years and whereas the loan is repayable in semi-annual installments on the first day of april and first day of october of each year after the great spiel breed resolve that a parliament of arises a minister of finance to borrow an amount of special joint rights sdrs 30,500,000 the loan from the International Development Association to finance the solution sustainable recovery development policy financing breed for the resolve that the service charge is three-fourths of one percent per annum on the joint credit balance the maximum commitment charge is one-half of one percent per annum on the on with joint financing balance the loan is repayable in 40 years commencing from the date of disbursement of the loan inclusive of a great spiel of 10 years the loan is repayable in semi-annual installments on the first day of april and first day of october of each year after the great spiel this resolution is taking approval from the honorable house to borrow the sum of 30.5 million or us dollars 40 million is a speaker one sdr is worth 1.35 million us mr speaker so in total mr speaker the loan that is being sought from the agency is 108 million us dollars mr speaker i will not be speaking i will not be saying too much this morning because this loan is a policy based loan and it's meant to finance governments operations in the upcoming budget the upcoming policy debate which will happen on the 26th 23 of april next year next month mr speaker again next month next year so mr speaker the government had to had to meet certain what we call pillars so that the agency would be satisfied that solution made the threshold and the solution economy could accept or could handle such a loan mr speaker albeit the loan is to be paid in 40 years time a 10-year grace period and the interest rate of 0.75 percent and mr speaker in these times of rising interest rates upon 75 percent interest rate is considered very concessory mr speaker mr speaker um briefly the loan is going to be used for budgetary support it's going to finance governments projects in the upcoming budget mr speaker and there's the loan is going to be broken long as follows budgetary support 35 million and five million us dollars to complete the activities under the oecs regional tourism comparative project so this development policy loan mr speaker that's how it's going to be used part for budgetary support and the other part for the tourism comparinus project mr speaker as that mr speaker i will be speaking a lot more on this loan instrument but i will say to you that's a new shows debt to gdp ratio is still higher than well what you want it to be with the ectv is stated that we have a 60 percent debt to gdp i think our calculations as we speak should see um we spoke we probably around 70 percent in the speaker but the final figures you're going to head at the policy at the policy discussion mr speaker so mr speaker as i said this is a policy development it's not the first time we've had a policy base loan all governments have taken the last government did take one a policy base loan it's a loan that will help in the financing of the government's budget but there was one after covid and this one is is to so it's a cushion the effects of the the covid the problem in ukraine the increase in oil prices and the and also the increase in interest rates so you will hear a lot more about how the money be used but it basically is a budgetary support loan mr speaker i urge members to support this resolution thank you mr speaker