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{
    "id": 26369,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/26369/?format=api",
    "text_counter": 357,
    "type": "speech",
    "speaker_name": "Mr. Kenyatta",
    "speaker_title": "The Deputy Prime Minister and Minister for Finance",
    "speaker": {
        "id": 168,
        "legal_name": "Uhuru Muigai Kenyatta",
        "slug": "uhuru-kenyatta"
    },
    "content": "As we are all aware, the Constitution of Kenya, under Article 212, provides that a county government may borrow only if the national Government guarantees the loan. The Constitution also provides, under Article 213, that an Act of Parliament shall prescribe the terms and conditions under which the national Government may guarantee loans. It further provides for the period within which the national Government, up to the end of the financial year, shall publish a report of the guarantees that it will have given during the year. Mr. Temporary Deputy Speaker, Sir, under the Fifth Schedule of the Constitution, legislation to govern loan guarantees is expected to be enacted within one year from the effective date of the Constitution. This Bill seeks to make provisions for:- (i) the national Government to provide loan guarantees in a transparent, prudent and equitable manner; (ii) terms and conditions under which the national Government shall guarantee loans, in accordance with Article 213 of the Constitution; (iii) an overall loans guarantee limit; (iv) the manner in which the national Government can assume responsibility in the event of default by a national Government entity or the county governments; and, (v) reporting requirement to Parliament after the end of each financial year."
}