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{
    "id": 250267,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/250267/?format=api",
    "text_counter": 38,
    "type": "speech",
    "speaker_name": "Mr. Mwenje",
    "speaker_title": "",
    "speaker": {
        "id": 257,
        "legal_name": "David S. Kamau Mwenje",
        "slug": "david-mwenje"
    },
    "content": "Mr. Deputy Speaker, Sir, first of all, I would want to correct that notion that STABEX loans were waived. It is not STABEX loans that were waived, but loans owed by societies, which they had borrowed from the Co-operative Bank of Kenya. However, STABEX funds are revolving. This money continues being lent to those who applied. The reason this particular society has not accessed these funds is because, according to the Co-operative Act, they are supposed to seek authority in their Annual General Meeting (AGM) to make a ceiling for the borrowing. The society has up to date not passed a resolution on the amount they should borrow, which should be approved by the Commissioner of Co-operatives. I have information that they had a meeting last week and they have now resolved the ceiling on how much they can borrow. We are still waiting for this information at the Ministry. The moment this information is availed, we will approve it, so that they are in a position to borrow funds from the Co-operative Bank of Kenya."
}