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{
    "id": 1167771,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1167771/?format=api",
    "text_counter": 146,
    "type": "speech",
    "speaker_name": "Sen. Cheruiyot",
    "speaker_title": "",
    "speaker": {
        "id": 13165,
        "legal_name": "Aaron Kipkirui Cheruiyot",
        "slug": "aaron-cheruiyot"
    },
    "content": "However, the only unresolved question which maybe Sen. Kinyua and other Senators need to address is whether they want to allow only one out of 47 counties to do it as a test because this will be the first of its kind to borrow and see the amount of interest that will be passed over to the residents of Laikipia County? Do we prefer a different model where the CBK or the National Treasury sends to this House regulations on borrowing by the county governments? The regulations stipulate the percentage of interest because at the end of the day, it boils down to the interest. As defenders of devolution, it is in our best interest to ensure that when a county government borrows, it borrows from a financially sound institution that does not overcharge citizens of that particular county. Sen. Kinyua is best placed to tell us whether in Laikipia County, they are willing to take the first risk on behalf of the rest of the country, so that the rest of the counties learn. For example, if they want to borrow Kshs1.16 billion, will they be the guinea pigs for this particular process? Mr. Speaker, Sir, the ideal situation which we had envisioned as a Committee was that borrowing would be permissible to all the 47 counties. However, before that is made public, first, let the regulations be tabled before us, so that it does not become an open cheque. Today, Laikipia County will borrow at 12 per cent interest rate and tomorrow Kisumu County might borrow at 18 or 20 per cent interest rate. It is a risk which as a law-making House we must first mitigate before sending it out. As they say in Kiswahili, mtoto akililia wembe, mpe. If the people of Laikipia feel comfortable borrowing Kshs1.16 billion at whatever interest rate, so be it. Who are we to stand in their way? Mr. Speaker, Sir, Sen. Kinyua should advise us well as we head to the vote. I thank you."
}