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Uhuru's Interest Rates Memo Clears Parliament

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Nyakundi Report

Newsroom 1 min read

This archive report was first published on 5 November 2019.

On November 5, 2019, President Uhuru Kenyatta's reservations on Finance Bill 2019 were upheld after Members of Parliament failed to get the requisite numbers to overturn them.

Only 161 out of 349 MPs were present in the House when the memorandum was being considered, falling short of the two-thirds majority required to proceed with the vote.

According to the Constitution, at least 233 MPs must be present for a possible veto of a president's memorandum.

Despite earlier amending the president's text to cushion those servicing loans from high interest rates, the MPs' efforts were ultimately unsuccessful.

As a result, the Bill will now be taken to the president for assent.

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