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{
    "id": 229955,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/229955/?format=api",
    "text_counter": 212,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Mr. Temporary Deputy Chairman, Sir, I beg to move:- THAT, Section 44(a) be amended- (a) by deleting paragraph (c) of subsection (5) and substituting therefor the following new paragraph:- (c) a loan becomes non-performing in such manner as may, from time to time, be stipulated in the guidelines prescribed by the Central Bank; (b) by deleting subsection 6 and substituting therefor the following new subsection:- (6) This Section shall apply with respect to loans made before this section comes into operation, including loans that have become non-performing before this section comes into operation; Provided that where loans become non-performing before this section comes into operation, the maximum amount referred to in subsection (1) shall be the following:- (a) the principal and interest owing on the day this section comes into operation; (b) interest, in accordance with the contract between the debtor and the institution, accruing after the day this section comes into operation, not exceeding the principal and interest owing on the day this section comes into operation; (c) expenses incurred in the recovery of any amounts owed by the debtor. Let me start by thanking this Committee for expressing confidence in the Minister for Finance in safeguarding their interests and giving me my powers. Clause 17 is introducing the so-called In Duplum Rule. The long and short of this is that when you borrow money and, for some reason, you are unable to repay, the total interest that will accrue and accumulate on that loan should never exceed the amount that you initially borrowed."
}