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{
    "id": 846793,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/846793/?format=api",
    "text_counter": 320,
    "type": "speech",
    "speaker_name": "Molo, JP",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": {
        "id": 13435,
        "legal_name": "Francis Kuria Kimani",
        "slug": "francis-kuria-kimani"
    },
    "content": "On the issue of interest rates, we have heard of banks exorbitantly charging interest rates that sometimes even exceed the loan amount. People have been auctioned when the interest rates have gone higher than the principal amount. The capping of interest rates is the best baby that this House has produced and we should do everything to protect it. However, if we are legislating on the interest rates that banks are going to charge by telling them that we cannot charge up to a particular percentage, we must also tell the Government, ministries and county governments to also honour their obligations on time. The PFM Act is clear that before you embark to pay any bills in a financial year, the first charge should be on the pending bills of the previous years. We have heard cases where county governments, ministries and parastatals do not look at the pending bills. Pending bills are go into billions and contractors are being auctioned. The biggest sufferers of this are the young people. If you take a loan to do a job you have been given by a county government, it will take a whole three years to get paid. Even as we legislate on these issues, we should ask our Government and the county governments to be accountable and ensure that bills for works done for them are honoured on time."
}