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{
    "id": 973614,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/973614/?format=api",
    "text_counter": 162,
    "type": "speech",
    "speaker_name": "Garissa Township, JP",
    "speaker_title": "Hon. Aden Duale",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": " I want to tell the House the reasons the President gave. The proposed new provisions to Section 3 of the Law on Contract will negate the long-standing principle of contract which is relied on by lenders, borrowers, guarantors, investors and other stakeholders in the Kenyan economy, especially in the capital markets. The obvious effect will be to prolong the process of settling debts. If we remove guarantors, the process of settling debts in the case of a default through a prolonged asset raising and litigation without the assurance and the outcome will not be positive. The current system is prompt and is very predictable in terms of debt settlement. So, the President felt it is a key element in Kenya’s ease of doing business. The law we have just passed, the Business Laws Amendment, is one of the laws that will help us in ensuring that Kenya becomes top in the world in the ease of doing business."
}