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{
    "id": 724085,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/724085/?format=api",
    "text_counter": 282,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Hon. Temporary Deputy Chairman, I beg to move: THAT, Clause 2 be amended by inserting the following new paragraph immediately after paragraph (a)— “(aa) in the definition of “short term borrowing” by— (i) deleting the phrase “bank-overdraft” appearing immediately after the phrase “Treasury Bills” and substituting therefor the phrase “Central Bank of Kenya-overdraft”; (ii) inserting the phrase “Central Bank of Kenya” before the word “instrument”.” This amendment is supposed to cure the problem of borrowing especially by devolved institutions or their respective entities from commercial banks by way of overdraft or other general instruments experienced so far. We want to confine such short-term borrowing, overdraft and other bank instruments only to the Central Bank of Kenya (CBK). This will ensure that there is prudence in the application of the short-term borrowing, which entails borrowing by the Government by way of Treasury Bills. They can borrow, but they do it through the CBK overdraft. By doing that, in terms of transition from one government to another, it can be accounted for. You do not just go to any commercial bank and get an overdraft of Kshs10 million and we do not know how you will pay it back. So, the import is about definition."
}