Public urged to give views on finance amendment Bill

Kenyans have been asked to submit their views on a proposed amendment to the Public Finance Management Bill which seeks to cushion micro, small and medium enterprises against the economic effects of the Covid-19 pandemic.

The National Assembly Clerk Michael Sialai through a public notice Monday has asked the public to forward their written submissions either through electronic mail or post to his office based at Parliament Building by Monday next week.

According to the public notice, the Committee on Finance and National Planning will then conduct public hearings on the Bill after it was tabled in the House on July 2 before it broke for a short recess.

The Bill outlines the circumstances under which the Cabinet Secretary can guarantee a loan issued to a private borrower who does not have sufficient security the Memorandum of Objectives in the Bill.

“Should the legislation be enacted in its current state, then the National Treasury Cabinet   Secretary will be able to prescribe regulations for the operation and establishment of schemes for the guarantee of credit extended to micro, small and medium enterprises,” read part of the Bill.

National Assembly Majority Leader Amos Kimunya who has sponsored the bill, tasks the Cabinet Secretary in matters relating to finance to submit an annual report on credit guarantees to micro, small and medium enterprises to Parliament.

There has been a major economic shutdown marred with job losses as a result of the Covid-19 pandemic which was first reported on March 13, with the government compelled to institute various financial strategies so as to mitigate effects of the pandemic.

Key among the measures is the allocation of Sh712 million in the 2020/2021 budget to provide credit targeted to Micro, Small and Medium Enterprises in the manufacturing sector.