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{
    "id": 1368402,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1368402/?format=api",
    "text_counter": 310,
    "type": "speech",
    "speaker_name": "Sen. Cherarkey",
    "speaker_title": "",
    "speaker": {
        "id": 13217,
        "legal_name": "Cherarkey K Samson",
        "slug": "cherarkey-k-samson"
    },
    "content": "measures to cushion business people. They were even being paid. Non-performing loans are loans that are not being repaid. Kenya’s internal and external debt stands at more than Kshs10 trillion. Therefore, this public debt will continue to be a problem. Mr. Temporary Speaker, Sir, imagine if the country was being auctioned because of non-payment of international debt or public debt, why do we not use a similar strategy? If Kenya cannot, for example, pay the lenders that have lent this country for infrastructural projects and even the declining rate of the dollar also makes those loans that Kenya is being owed across the country a challenge. As a country, we need to use the same, way we negotiate with the IMF, other lending institutions and countries like China, among others; we should also use the same strategy. I agree with Sen. Wamatinga that as a Parliament, we have a unique role in bringing in policy and legislative intervention to renegotiation of nonperforming loans. By August 2022, the non-performing loans were at 14 percent. In August this year, barely one year, the non-performing loans across the country have increased to 15 percent. So, we must amend the Banking Act to give reprieve to many Kenyans because many Kenyans borrow to buy motorbikes; to buy small cars like Demio, and Auries and they go to Apps like Bolt, Uber, Little Cab, Taxify and many others. You remember in the last session we really struggled over companies like Uber, among others, which are domiciled in other countries. I was discussing with some drivers for Uber, Taxify and other App drivers across the city and they told me that sometimes they have to switch off the App so that they can use the local rates because the foreign- based companies like Bolt and others are not giving them good rates. That is why sometimes the drivers of these cabs have to switch off the Apps so that they can make money because of the rates that they are given. That is why the Government should come in and cushion them because these cars that they are driving are on loan, and they must be allowed to pay their loans. So, I agree that we must renegotiate, just the way the country negotiates to give a reprieve. Therefore the National Treasury should give us strategies to cushion Kenyans and especially young people. We must agree that we must be deliberate through affirmative action to give opportunity. Even we can propose that companies that are owned by young people should be given a certain reprieve period because of non-performing loans and many others. On the issue of motorbikes for boda-boda, there is this company called Kenya Women Microfinance Bank (KWFT). Where I come from is a village set up just like Siaya, Vihiga. I know city Senators like Sen. Kibwana do not know these things. Our women go to KWFT or other lending institutions, they borrow loans and bring the money home. Since they have a non-entrepreneurship mindset they make sure that there are changes in that family. So as a husband you start eating chapatis, meat and very nice things, not knowing that is money from KWFT."
}