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{
    "id": 1026801,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1026801/?format=api",
    "text_counter": 517,
    "type": "speech",
    "speaker_name": "Kipipiri, JP",
    "speaker_title": "Hon. Amos Kimunya",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Hon. Temporary Deputy Speaker, I beg to reply. First of all, I thank Members for their contribution. I join the Members in the accolades to the Chairlady, Hon. Gladys Wanga. As Members have spoken, keep it up. There were some concerns that Members raised which I think were coming out of confusion. This is not a fund, it is not a loan, neither is it free money. It is money that is going into a credit guarantee scheme which the banks will leverage to lend money to others. So, perhaps as we get deeper and Members get to understand they will realise that perhaps it is not what we are worried about, potentials for misuse because the banks will ensure there is due diligence and hence issues of moral hazard, adverse selection and wrong people getting the money will not arise. In terms of reporting to Parliament, that will come within the detailed regulation. I am sure the Committee has already addressed that. Some people raised the issue of whether we should be amending the Public Finance Management (PFM) Act from a comprehensive angle. I am of the view that we need incremental amendments to every law. It is only at some point one would want to look at how comprehensive that law is, but for now we are okay. In terms of awareness, am told there will be a huge launch and that should create the national awareness and everyone from wherever constituency will participate. Should it be a constituency based fund? I don’t believe so. We already have Uwezo Fund, the Youth Enterprise Fund (YEF) and Women Enterprise Fund (WEF) which had been created for the people who are not registered. Immediately people register and get into formal operation, that is when we want them to get to the banks and access these monies from formal institutions, then the Government goes in to guarantee."
}