{"id":22865,"date":"2021-02-03T17:41:22","date_gmt":"2021-02-03T17:41:22","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=22865"},"modified":"2021-02-03T17:41:22","modified_gmt":"2021-02-03T17:41:22","slug":"pay-back-bank-loan-good-precedent-to-young-generation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation","title":{"rendered":"PAY BACK BANK LOAN, GOOD PRECEDENT TO YOUNG GENERATION"},"content":{"rendered":"<p><strong>AfricaPress-Tanzania:<\/strong> AGE is gold (revered) that is why there is a wise saying from elders that borrowing is a wedding and paying back is regret with gloom.<\/p>\n<p>Precisely to drive this home, recently President John Magufuli while gracing the Law Day celebration in Dodoma directed the Judiciary to speed up listening to cases, where some bank loan defaulters are dillydallying or not willing to pay the financial institutions, what they \u2018loyally\u2019 begged and given, only to resort to the game of cat and mouse in court corridors.<\/p>\n<p>It is disheartening to realize that some people or institutions have excelled at borrowing and would use all sorts of sweet words and phrases pledging their loyalty that \u2018with agreed clues\u2019 they pay back, and once given the loans, they start showing their claws without realizing that once such a debt is settled fast enough, other Tanzanians would benefit.<\/p>\n<p>What kind of a nation are we building with such a behaviour of being litigant and looking for weaknesses in any clause to abuse a privilege granted?<\/p>\n<p>This will not be one of the ways to assist in building the economy of the country. Just like the President said: \u201cSuch acts of loan defaulters rushing to court and delays in the hearing of cases have many negative effects on the country\u2019s economy\u2026they reduce the capacity of banks to provide loans to other customers.<\/p>\n<p>\u201cTherefore, I reiterate my request to the Judiciary to plan and address this challenge\u2026.here I have just given an example of only four banks out of the 50 banks we have in the country demanding over 500bn\/- unsettled as loans and undetermined for almost five years in various courts.\u201d<\/p>\n<p>This is not Tanzanian culture of looking for \u2018smart lawyer(s) to assist one pull out of implementing one\u2019s duty and right by refusing or dillydallying to pay back a bank loan.\u00a0We should realize that loans are for our own development and the country at large.<\/p>\n<p>If we (adults) continue with this behaviour of rushing to court to block a financial institution from recovering its debt, definitely we are misleading our children and the younger generation to think that banks are there to be robbed or conned for personal gains and this at the end of the day will not assist in developing one\u2019s business and the country at large.<\/p>\n<p>We should learn to honestly live within our limits and work hard to eke out a decent living, because crime will never pay. Tanzania is for us all including the financial institutions doing business within.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Tanzania: AGE is gold (revered) that is why there is a wise saying from elders that borrowing is a wedding and paying back is regret with gloom. Precisely to drive this home, recently President John Magufuli while gracing the Law Day celebration in Dodoma directed the Judiciary to speed up listening to cases, where some [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":22842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8],"tags":[24,7188,1233],"class_list":["post-22865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","tag-john-magufuli","tag-law-day-celebration","tag-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PAY BACK BANK LOAN, GOOD PRECEDENT TO YOUNG GENERATION - Tanzania<\/title>\n<meta name=\"description\" content=\"AGE is gold (revered) that is why there is a wise saying from elders that borrowing is a wedding and paying back is regret with gloom.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PAY BACK BANK LOAN, GOOD PRECEDENT TO YOUNG GENERATION\" \/>\n<meta property=\"og:description\" content=\"AGE is gold (revered) that is why there is a wise saying from elders that borrowing is a wedding and paying back is regret with gloom.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-03T17:41:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/02\/c35bd33151fcf128546b764431c21110.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"PAY BACK BANK LOAN, GOOD PRECEDENT TO YOUNG GENERATION\",\"datePublished\":\"2021-02-03T17:41:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation\"},\"wordCount\":438,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/02\/c35bd33151fcf128546b764431c21110.jpg\",\"keywords\":[\"John Magufuli\",\"Law Day celebration\",\"loan\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/files\/pay-back-bank-loan-good-precedent-to-young-generation\",\"name\":\"PAY BACK BANK LOAN, GOOD PRECEDENT TO YOUNG GENERATION - 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