John Michuki

All parliamentary appearances

Entries 131 to 140 of 529.

• 22 Jan 2009 in National Assembly: Mr. Speaker, Sir, I beg to move the following Motion:- view
• 22 Jan 2009 in National Assembly: THAT, pursuant to the provisions of Section 5(2) of the Guarantee (Loan) Act (Cap. 461, Laws of Kenya), this House approves Sessional Paper No.1 of 2009 laid on the Table on 20th January 2009 on Kenya Government Guarantee of a loan of US$100 million equivalent to Kshs7.9 billion, through the United States of America Department of Agriculture to National Cereals and Produce Board. view
• 22 Jan 2009 in National Assembly: Mr. Speaker, Sir, a lot has been said this afternoon following the Ministerial Statement made by the Minister for Agriculture. I do not want to repeat what has been said here. I want to say that the Government has made an assessment with regard to the food situation in the country. It has found out that the country, in order to maintain the normal consumption of 33 million bags, there is a deficiency of ten million bags. Also, there are ten million people who cannot, otherwise, have food unless it is provided in the manner we are now proposing before ... view
• 22 Jan 2009 in National Assembly: Therefore, Mr. Speaker, Sir, one of the reasons why we came back, apart from other issues that the Government has in store, was to deal with this issue of guarantee which we could not, as a Government, give without the approval of Parliament. At this time in our history, we are having a very serious famine which has been declared by the President of this Republic a national disaster. In our debate and approach to this matter, we should know that the more we delay the measures proposed here, the more the people are going to suffer. I am sure ... view
• 22 Jan 2009 in National Assembly: I think I should explain how this system of borrowing works. The borrowing is under a view
• 22 Jan 2009 in National Assembly: 4388 PARLIAMENTARY DEBATES January 22, 2009 view
• 22 Jan 2009 in National Assembly: programme called GSM 102 by the United States Government. That programme is to assist the US exporters and countries experiencing food deficit and hence require food imports. In our case, we need to import maize through the National Cereals and Produce Board. The Minister for Agriculture has already talked about that. I want to confirm that the Government is determined to do everything to ensure that this Board, together with the management, is re-organised as quickly as possible. The Minister for Agriculture is aware of that decision. view
• 22 Jan 2009 in National Assembly: Mr. Speaker, Sir, the Commodity Credit Corporation which is under the U.S Department of Agriculture will underwrite the credit extended to eligible financial institutions in the US, in order for the institutions to extend credits to approved foreign banks. In our case, the credit will be extended to Kenya Commercial Bank, which is the banker of the National Cereals and Produce Board. Using the credit extended, the foreign bank will issue letters of credit to the exporters in the US. In our case, KCB will issue the letters of credit. In order for the Commodity Credit Corporation which bears the ... view
• 22 Jan 2009 in National Assembly: Mr. Speaker, Sir, hon. Members will be aware that the Government policy is to borrow on concessionary terms from multi-lateral and bi-lateral creditors. The Government has complied with the policy, and has been borrowing only loans with a minimum grant element of 35 per cent. view
• 22 Jan 2009 in National Assembly: The Government has avoided commercial borrowing, because it is very expensive and will create servicing problems in the future. However, in a situation that we are in, we have very limited choices. We cannot gamble with the lives of our people. It is for this reason that the Government has decided to undertake this commercial borrowing, which has a grant element of 2.33 per cent interest, consisting of the liable rate of 1.83 plus 0.5 per cent above liable. If you put them together, they will amount to 2.33 per cent. That will be the interest charged on this loan. ... view