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{
    "id": 680129,
    "url": "http://info.mzalendo.com/api/v0.1/hansard/entries/680129/?format=api",
    "text_counter": 9,
    "type": "speech",
    "speaker_name": "Hon. Speaker",
    "speaker_title": "",
    "speaker": null,
    "content": "This is a conveyance of a Petition on enactment of legislation to confine national and county treasuries to use interest free loans and financial lending. Hon. Members, pursuant to the provisions of Standing Order 225(2)(b), I wish to convey to the House that my office is in receipt of a Petition by one Mr. David Gesicho from Kakamega County. The Petition concerns confining of national and county treasuries to exclusive use of loans and other financial lending that do not attract interest. Hon. Members, the Petitioner humbly submits that the Republic of Kenya has over the years been operating an unbalanced annual National Budget with recurring budget deficits. He states that domestic borrowing by the National Treasury may have contributed to the high interest rates by commercial banks in the domestic financial market. The Petitioner further contends that the only effective solution to control the budgetary deficit is by cutting Government spending. The Petitioner is requesting the National Assembly to enact legislation to confine the national and county treasuries to the exclusive use of specific interest-free loans and other financial lending instruments that do not charge interest rates. He gives examples of Islamic lending options such as Sukuk Al-Murabaha, Sukuk Al-Ijarah and Sukuk al-Istisna, which he submits to be interest-free and quite flexible. The Petitioner prays that the National Assembly:- (i) Enacts legislation to provide for exclusive use of financial lending instruments that do not attract commercial interests whereas the national and county treasuries borrow money on domestic and international financial markets; (ii) Enact legislation to provide for the statutory distribution of the total national annual budget deficit between the national and county governments pari passu to the allocation of revenue between the two levels of government; and, (iii)Enact legislation to provide for capping of total national and county governments annual borrowing to not more than 5 per cent of the National Domestic Product. Pursuant to the provisions of Standing Order 227, the Petition stands committed to the Departmental Committee on Finance, Planning and Trade for consideration. I thank you. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}