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"id": 1507110,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1507110/?format=api",
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"type": "speech",
"speaker_name": "Sen. Oketch Gicheru",
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"content": "on these innovative, complex and dynamic financial and virtual assets. This is important for us, as a country, to start reflecting on. Another reflection that I would like to put closely is on the management of our monetary policy. You would know that in October, the Central Bank passed the Central Bank Rate (CBR) at 12 percent. However, you are not seeing a corresponding element in our commercial banks. Our commercial banks are still lending at crazy interest rates that do not still allow businesses to borrow from them. I would like to see innovation in terms of the management of Central Bank, whereby even something like the CBR can be used as a formula in terms of the requirements of how the commercial banks end up lending people money. Mr. Deputy Speaker, Sir, we have seen a serious crowding out effect, given that we are still having a problem in terms of our debt management crisis in the country, where the Government is still forced by circumstances, to borrow more domestically. There needs to be an incentive from a monetary policy perspective that can enable more businesses access credit. It is only when the business access credit that the country can move forward, make more taxes by having a bigger tax base by more businesses, creating a framework for them to access money and do better businesses. Mr. Deputy Speaker, Sir, lastly, while there is importance to look at what is happening at the Central Bank, it is also important for us, as a House, because now I have gotten this opportunity, this is what I wanted to talk about in my previous opportunity, to work hard in the next two days. If we do not figure out County Allocation of Revenue Bill (CARB) and the disbursement Schedule, in the next two days, our counties are going to suffer massively. As the Chairperson of the Senate Committee on Finance and Budget will tell you, currently, we are only depending on the advisory of the Attorney-General for counties to access money using Regulation 134 of the Public Finance Management (PFM), which says, in the event that we have got this problem, counties can access up to 50 per cent of previously allocated resources. Now, that window is going to close in this December. Mr. Deputy Speaker, Sir, I do not want to bore you much with a lot of information about this nominee. I therefore second, and I hope that the House will approve this Report. However, on behalf of the Committee on Finance and Budget, and on behalf of my hardworking Chairperson, and Vice-Chairperson, perhaps some Members want to leave early to start making their way to Mombasa for East African Legislative Assembly (EALA), but I would like to urge the entire House that there is a complexity in passing this particular Bill, because this is not ordinary. We are not going to pass it with the normal 24-mark of the delegation that we always do. This requires that we must have two-thirds of the House to be able to adopt a memorandum by the President. So, it will be important that tomorrow, Wednesday, and Thursday, hopefully, we can have this Bill moved today by the Chairperson of the Committee on Finance and Budget. However, for tomorrow and Thursday, let Members try as much as possible to be in the House so that our counties do not lack money. We were sent to this House for only one thing: to protect counties. The biggest case for protecting counties is passing mainly The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}