Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 435358,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435358/?format=api",
    "text_counter": 146,
    "type": "speech",
    "speaker_name": "Hon. (Dr.) Pukose",
    "speaker_title": "",
    "speaker": {
        "id": 1458,
        "legal_name": "Robert Pukose",
        "slug": "robert-pukose"
    },
    "content": "Thank you, hon. Speaker, for allowing me to contribute to this Bill. I stand here to support the Bill because it seeks to give us a framework for external borrowing and floating of external securities. However, I have an amendment that I will introduce later. Clause 53(2) of the Bill says that the Cabinet Secretary may raise an external loan or issue external Government securities on behalf of the national Government, for money borrowed by the national Government in such a manner as the Cabinet Secretary may determine. Hon. Speaker, saying that it is the Cabinet Secretary who will determine this is leaving room for accountability. In Clause 53(A), the Bill says:- Notwithstanding the provisions of section 53 of this Act, the national government may issue external government securities, for money borrowed or for any other purpose, only in circumstances expressly authorised by this Act.” The authorisation of this Act comes in Clause 53(3), which says:- “53(3) Any external loans or external government securities issued by the Cabinet Secretary under this section shall be within the borrowing limits set by Parliament under Section 50(2) of this Act.” The two clauses actually contradict each other. Parliament is supposed to set the limit of the amount of money that should be borrowed. At the same time, we are giving the Cabinet Secretary power to determine how much money to borrow. The two positions are contradictory to each other. Therefore, where we are giving the Cabinet Secretary power to determine how much money to borrow should be deleted. I will move an amendment to that effect at the appropriate moment. An area where I have an issue with is where the Bill is talking about how many people need to authorise borrowing, and the period within which that has to be done. Under Clause 53(9), the Bill says:- The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}