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{
    "id": 1016835,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1016835/?format=api",
    "text_counter": 439,
    "type": "speech",
    "speaker_name": "Sen. Sakaja",
    "speaker_title": "",
    "speaker": {
        "id": 13131,
        "legal_name": "Johnson Arthur Sakaja",
        "slug": "johnson-arthur-sakaja"
    },
    "content": "without a budget, it is an offense. It is an offense to procure without a budget. However, now we are saying, even when you have the budget, you must prioritize payment of those who have come in first and have supplied and their goods have been noted to be delivered in good order and condition as stipulated in the contract terms. There are timelines by which you must be paid. Mr. Temporary Speaker, Sir, unless we stimulate and inject a serious stimulus in to young businesses, women led businesses, Medium-Sized Enterprises, our economy will not be vibrant. We will not have the tangential benefits like increasing the rate of employment, growth in revenues, and investor confidence. At a micro level, we seek to solve the problem of late payments to suppliers of goods and services. At a micro level, we seek to use this Bill as an impetus for growth of our economy and business in this country. The first thing this Bill has done, we propose to require a procuring entity, at both levels, county and national governments, to pay by a prescribed payment date. A prescribed payment date must be agreed upon. If a procuring entity fails to pay a supplier by that prescribed payment date, we are providing that the procuring entity shall pay interest to that supplier in accordance with that section on the amount due under the contract for the supply of goods or services at market rates. We have provided the maximum interest chargeable. It shall be based on the base rate that is published by the CBK, so that that money is earning interest. Many times, the people you are paying have taken a loan. That loan is also attracting interest. In fact, the rate we are setting is lower than the interest rate in the banks. There is a law that was repealed of Hon. Jude Njomo that we passed in the last Parliament with you that sets---"
}