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{
    "id": 1103181,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1103181/?format=api",
    "text_counter": 224,
    "type": "speech",
    "speaker_name": "Sen. (Prof.) Ongeri",
    "speaker_title": "",
    "speaker": {
        "id": 124,
        "legal_name": "Samson Kegeo Ongeri",
        "slug": "samson-ongeri"
    },
    "content": "I thought I heard Sen. Cherargei. That is why I did not stand up immediately. I was looking at him. Madam Deputy Speaker, this is a good decision by the Committee on Delegated Legislation. Let me take the earliest opportunity to thank the Senate Business Committee (SBC) for having allocated me to be a Member of that Committee. Obviously, I will play my role. One of the major elements in these regulations is in respect of the Sinking Fund. Normally, a Sinking Fund is a good idea. It is not a strange idea to anybody. Even at a family level, when you want to save for a specific purpose such as holiday or buying your spouse or children something specific, you set aside some funds so that when the time comes, you are able to buy it, or do it with ease. However, there is an issue that arises in these particular guidelines of 2021. The idea of Sinking Fund was set at Independence in 1963. Up to date, it has never been operationalised. What we are witnessing today is piling up of pending bills. When I was the Chairperson of the CPAIC, one of the issues that we noticed was that there are so many pending bills that have not been paid by either the national or county governments or defunct local authorities. Therefore, it is a carryover from the past to the present. That is why it becomes very difficult to operationalise the current budgets, whether national, county governments or parastatals because of the pending bills. One of the biggest impediments to the growth of the economy is non-payment of bills that have been incurred by very good suppliers who give their goods or do their services properly, but they are not paid. As a result, many of them have become bankrupt. What is the need of setting up a Sinking Fund which has not been operationalised since 1963? Today, we intent to come up with new guidelines to operationalise it? What objective do we want to achieve?"
}