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{
    "id": 1180340,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1180340/?format=api",
    "text_counter": 398,
    "type": "speech",
    "speaker_name": "Ainabkoi, UDA",
    "speaker_title": "Hon. Samwel Chepkonga",
    "speaker": null,
    "content": "persons in the Government, MSMEs, governors, County Executive Committees (CECs) in the county governments, Government officials at national and county level, the boda boda users, housing, dairy, cotton and coffee farmers, handcrafts, matatu transporters, SACCOs, co- operatives, Kenya National Chamber of Commerce and Industry, officials from the Marketing Management Committees and County Trade staff, Community Based Organisations (CBOs), Civil Society and Faith Based Organisations. All the key stakeholders were consulted through physical meetings and submission of memorandum in compliance with the Statutory Instruments Act, 2021. As a result of those consultations that we held in considering the draft regulations that were forwarded to the Committee, we made serious amendments to them. The amendments included the process of removal of the officials who will be appointed pursuant to this regulation. The other amendment was on the products that they intend to rule out with regard to these regulations. They told us that the products were not included because they wanted to maintain some flexibility. We told them that according to the Statutory Instruments Act, it has to be clear and should not require a lot of elucidation. We told them that all the products must be provided for in the regulations. We are happy to note that all the comments that were made by the Committee Members at the meeting that was held on 24th November 2022 at Hilton Inn Hotel, Machakos, were all considered. As a result of that, these regulations were published yesterday, and forwarded to the Committee on Delegated Legislation. We considered these regulations today, went through them and checked whether the amendments were made. We are satisfied that the amendments were all included in the regulations and that they comply with the Statutory Instruments Act, 2013, the Public Finance Management Act, 2015 as well as the Constitution. The authority to make these regulations is granted pursuant to the Public Finance Management Act, 2013 that stipulates that the Minister shall make regulations to provide for good financial management of anything that exceeds Ksh10 million that is provided as a regulation. We have heard so many things that have been said about the ‘Hustler Fund’. It has been said that it is going to attract a single digit interest – and it is true! We were informed that the reason why it is a single digit is to ensure that we provide for administrative cost for the people who will be managing the funds that will be allocated to that particular Fund. We agree that if we do not provide for interest to be charged on what will be lent – it is a small amount of about 8 per cent that will be shared between all the actors who will be managing this Fund – this will not go well. There are many banks that will take part in giving out the money. The 8 per cent will be purely used to cover their cost. Hon. Temporary Speaker, it is just purely to cover their costs of providing this service and pay employees who will be employed by the Fund. We were informed that if we do not provide so, it means that the cost will eat into the capital. Therefore, it will reduce the amount of money that has been allocated to this Fund, which is the capital. After some time, it will be depleted because of the overall cost in the Fund. The money will not be available for other Kenyans to borrow. The intention is to safeguard the funds that have been allocated to this Fund to ensure that other Kenyans who have borrowed refund the money, so that others can borrow and benefit."
}