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{
    "id": 729424,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/729424/?format=api",
    "text_counter": 363,
    "type": "other",
    "speaker_name": "",
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    "speaker": null,
    "content": "bear me out - most of our blue chip companies and sectors in this country have been doing very badly. Companies have been making losses. Companies have laid off staff, shut down while others have relocated. It is known to the Government. Yet, one sector, even in the worst of the economic circumstances, must continue to make money. If they do not make billions, then it is as if the country has suffered. It is a pity. It is time the CBK came up with policies; it should not be driven by Parliament. They must come up with policies that look at the benefit and the interest of the people of Kenya. For instance, there must be a condition of licensing banks that they must be ready to comply with certain provisions. If, for instance, the Government wants to facilitate the growth of the agricultural sector, the Government then must be able to say anybody who wants to become a banker, as part of the requirement of the licensing, you must invest or lend 10 per cent or 20 per cent of your advances to the agriculture sector. If the Government is keen on the Small Micro Enterprises (SMEs), this should be made a conditional; that you must give 10 per cent of your loans to SMEs; that becomes part of the requirement. Mr. Deputy Speaker, Sir, there is nothing wrong for the CBK - for heaven’s sake - coming up with rules and telling them these are the rules of the government, if you want to be in this industry you play by it, if you do not want, you go to some other industry. However, to be held hostage by a few capitalists or businessmen who must make billions when the rest of the country is suffering, it is a pity. It is a pity that today the President and the Government of this country are worried about the interest rate capping. Why? These guys have manipulated everybody. They are now blackmailing the country. The banks are deliberately cutting down on lending, so that this law can be reviewed. They are not lending deliberately. They tell you what is the point of lending to you at 14 per cent? This is blackmail. The CBK, for heaven’s sake, is the regulator. They must look at the interest of the country and should not allow this kind of thing. Parliament has a responsibility to the interest of the people Kenya. It is time Parliaments stood up. I want to urge particularly the National Assembly. They came up with that law, but again, we know what National Assembly is in this country. It is time they stood up and said “no” to the banks that it is in the interest of the people and the banks must lend. The banks must lend to the various sectors that the Government wants and the people of the Kenya want. This should be made conditional. If somebody thinks that is not good business he can go to another business. However, it is wrong to hold the country hostage and punish people because somebody must make money at the expense of the rest of the Kenyans. The second area I want to talk about is the public spending that Sen. Wako talked about. The issue of rationalizing the public service has been the talk for the last three or four Parliaments in this country. However, nothing happens. It is pure lip-service. Every Government that comes into power pledges to rationalize the public service, cut down public spending, reduce public sector deficit and so on, but nothing happens. Our deficit is above 6 per cent because public sector spending has grown. It grows every year; for instance, this year the budget that is to be tabled tomorrow has an expenditure of Kshs2.6 trillion against revenue of Kshs1.2 trillion. The President has said The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate"
}