NAIROBI, Kenya, Apr 13 – The Treasury Cabinet Secretary Henry Rotich says his ministry will table a Credit Management Bill in Parliament, in efforts to deal with the financial problems in the country.
Rotich says the bill will seek to unveil the root cause of the country’s financial problems that include high-interest rates and the repercussions of the interest rates cap.
The bill will also concentrate on demonstrating how the financial markets should be handled unlike how they are currently handled and offer permanent solutions for the industry.
“The interest rate cap, for instance, hasn’t been sustainable, as seen by the number of people who’ve been turned away and cannot get a loan. It has been cosmetic. The new bill will, however, sort out these issues,” he said.
The name of the bill will be revealed in June when it will be tabled at parliament alongside the much awaited Finance bill.
Rotich was speaking alongside the Group Executive Director of African Development Bank for the East African region Caleb Weggoro who made a courtesy call to his office.