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{
    "id": 1025069,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1025069/?format=api",
    "text_counter": 116,
    "type": "speech",
    "speaker_name": "Kipipiri, JP",
    "speaker_title": "Hon. Amos Kimunya",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Thank you Hon. Temporary Deputy Chairman. I see two bits of confusion that Members may be reacting to. The Chair for the Committee on Finance and National Planning has only moved part (a) and not (b). Therefore, we are debating something that has not been moved and explained. I also wish to say that - and I think we brought this out during the Second Reading- this is not a fund to be distributed or dished out. This is a credit guarantee scheme that is available for people who borrow from the banks and the Government undertakes to guarantee in case of default. Typically, if you think of the number of defaulters, it will be about 10 per cent of the borrowers. Therefore, the Government is only saying, if one falls within that 10 per cent, they will guarantee to the bank that, that defaulter will be paid for the money. Therefore, the banks can then multiply. So, it is not money being distributed like the Uwezo Fund or the Women Enterprise Development Fund. This is money that is being put aside to guarantee a potential defaulter. There may never be a defaulter, especially with the safeguards that were there in the Bill and what the Committee has added. Members may need to look at the Bill and the intention to appreciate the full safeguards that have been put there, which I am very happy with."
}