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{
    "id": 1103133,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1103133/?format=api",
    "text_counter": 176,
    "type": "speech",
    "speaker_name": "Sen. Faki",
    "speaker_title": "",
    "speaker": {
        "id": 13211,
        "legal_name": "Mohamed Faki Mwinyihaji",
        "slug": "mohamed-faki-mwinyihaji-2"
    },
    "content": "Sorry, Madam Deputy Speaker. I beg to move- THAT, the Senate adopts the Report of the Sessional Committee on Delegated Legislation on the Consideration of the Public Finance Management (Sinking Fund) Guidelines, 2021, laid on the Table of the Senate on Wednesday, 8th September, 2021, and that pursuant to Section 18 of the Statutory Instruments Act, Section 205 of the Public Finance Management Act, and Standing Order 221(4)(b), annuls in its entirety, the Public Finance Management (Sinking Fund) Guidelines, 2021. Madam Deputy Speaker, the Public Finance Management (Sinking Fund) Guidelines (2021) were published by the Cabinet Secretary (CS) of the National Treasury, on 25th May 2021, pursuant to Regulation 206 (3) of the Public Finance Management (National Government) Regulations (2015), and are intended to be applied to the management of the Sinking Fund established under Regulation 206 (1) of the Regulations. The guidelines were submitted to the Senate by the CS of the National Treasury on 3rd June 2021, pursuant to Section 11 (1) of the Statutory Instruments Act (2013). The guidelines were then tabled before the Senate by the Senate Majority Leader on 6th July 2021, and subsequently committed to the Senate Sessional Committee on Delegated Legislation. The Sessional Committee on Delegated Legislation considered the guidelines and received submissions from the National Treasury on 1st September, 20201, and the Central Bank of Kenya (CBK) on 7th September, 2021. The guidelines are made pursuant to Regulation 206 (3) of the Public Finance (National Government) Regulations and are intended to be applied to the management of the sinking funds established under Regulation 296 (1) of the said regulations. Madam Deputy Speaker, a sinking fund is created and set up purposefully for redemption of Government loans and securities. A certain amount of money is regularly set aside to finance both the principal and interest of a public debt before its maturity date reaches. The objective of the fund is to mitigate future cash flow challenges arising from heavy repayment of debts whose grace periods have expired. This shall facilitate paying off maturing public debts, buying back bonds when the interest is low, and retire some of the debts early to avoid higher costs in future. Capital of the fund. Sources of the fund to include; the Consolidated Fund Budget vote for redemption of debts and other debt related expenses from the Exchequer to be remitted to the fund continuously; monies appropriated by Parliament for the purposes of the fund; fees and commissions earned by the Public Debt Management Office (PDMO)) in execution of its mandate; income invested from the balances of the fund; foreign exchange gains from external loans to the National Government; and any monies"
}