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{
    "id": 1368365,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1368365/?format=api",
    "text_counter": 273,
    "type": "speech",
    "speaker_name": "Sen. Wamatinga",
    "speaker_title": "",
    "speaker": {
        "id": 13582,
        "legal_name": "Wahome Wamatinga",
        "slug": "wahome-wamatinga"
    },
    "content": "Mr. Temporary Speaker, Sir, we are all aware that we have come from very hard economic times. Coming at the backdrop of the COVID-19 Pandemic has seen many Kenyans economic opportunities dwindle by the moment. We have a highly educated population which is composed of large percentage of young Kenyans who have endeavored to get jobs in vain. Therefore, being enterprising as they are, they have decided to start their own enterprises and the only option they have, because of the unfavourable conditions in the banking institutions we have in this country, is to borrow money from micro finances and from other SACCOs so that they can sustain their lives. Coming from four seasons of drought and the COVID-19 Pandemic, Kenyans’ purchasing power has gone down. However, we have not seen the Government come up with the framework in the banking policy to cushion the loss of assets. We are all aware that most of the banks and these financial institutions have moved up with speed to recover or to have assets from the young Kenyans, which are held by the auctioneers, forcing them and the Kenyans at large to resort to the microfinance and to the shylocks to get money to pay. It is very unfortunate that when those assets are held so that they cannot use them, they are required to pay for those months. They are required to pay higher interest rates, penalties and the most unfortunate is the storage facility for those movable assets. We must, as a country, agree that we have educated quite a big number of young people. They have acquired degree and skills. However, we have not been able create employment. Therefore, it is important that as a nation, we come up with a policy including enterprise development fund that will be subsidised by the Government so that these young people who want to create alternative employment for themselves and their colleagues can have support from the Government. Unfortunately, what we see is that the banks will move with speed once these young people have not been able to repay. Once they default in the second instalment,"
}