Borrowing by national government

English

(1)Parliament may, by legislation—

(a)prescribe the terms on which the national government may borrow; and

(b)impose reporting requirements.

(2)Within seven days after either House of Parliament so requests by resolution, the Cabinet Secretary responsible for finance shall present to the relevant committee, information concerning any particular loan or guarantee, including all information necessary to show—

(a)the extent of the total indebtedness by way of principal and accumulated interest;

(b)the use made or to be made of the proceeds of the loan;

(c)the provision made for servicing or repayment of the loan; and

(d)the progress made in the repayment of the loan.

Kiswahili

Ukopaji wa serikali ya kitaifa

(1)Kupitia kwa sheria, Bunge linaweza—

(a)kutoa masharti ambayo yanapaswa kutimizwa na serikali ya kitaifa inapokopa; na

(b)kulazimisha mahitaji ya kuripoti.

(2)Katika muda wa siku saba baada ya Kitengo chochote cha Bunge kutoa ombi kwa uamuzi, Waziri anayehusikana na fedha atawasilisha maelezo kuhusu mkopo au udhamini wowote mbele ya kamati husika, ikijumuisha maelezo yote yanayohitajika ili kuonyesha—

(a)kiwango cha deni lote kwa kuonyesha kiasi hasa kilichokopwa na kiasi jumla cha riba;

(b)mkopo huo ulivyotumiwa au utakavyotumiwa;

(c)mikakati iliyowekwa ili kuulipa mkopo huo; na

(d)hatua zilizochukuliwa katika kulipa mkopo huo.