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{
    "id": 915009,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/915009/?format=api",
    "text_counter": 244,
    "type": "speech",
    "speaker_name": "Khwisero, ANC",
    "speaker_title": "Hon. Christopher Wangaya",
    "speaker": {
        "id": 13368,
        "legal_name": "Christopher Aseka Wangaya",
        "slug": "christopher-aseka-wangaya"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. Let me also join my colleagues in supporting this amendment to the Law of Contract. As I support this, let me observe the following. The Law of Contract is an invitation to treat both the borrower and the lenders, and make them have obligations to meet. When you borrow and when you guarantee somebody, you should know that you are supposed to meet your part of the bargain to pay up. As much as we want to protect the guarantors, we should not do it in a way that we affect the financial institutions. Many people would hold on their money; they may not be able to lend people because of that fear over guarantors. What is important here is that our people who borrow and guarantors have lacked what we call financial discipline and ability to pay what they have borrowed. Two, banks or lenders also have a responsibility to educate borrowers on prudent financial or investment options when they are borrowing money. The banks or lenders must also make a follow up between or within the contractual period before they start chasing borrowers or guarantors. Lastly, we must also have a safeguard when we are legislating and doing this amendment. Who will guarantee, if for example, we say there will be no guarantee and the banks insist on having a guarantor? To me, it is the responsibility of the Government of the Republic of Kenya to come up... Maybe I will be proposing some additions to this amendment, if I am allowed. For the people who are within the brackets of youth and want to borrow from banks, the Government of Kenya must be ready to guarantee any loan that is being asked for by the Kenyan youth. In fact, let the Government pay when there is a default because it has failed to provide employment opportunities to these youths. If the youths fail to pay up, let the Government pay on their behalf. I support. Thank you."
}