SUMMARY REPORT OF THE PLENARY SESSION OF SEPTEMBER 15, 2020 ON THE ADOPTION OF THE DRAFT PROGRAM OF ACTIVITIES FOR THE PERIOD RUNNING FROM SEPTEMBER 14 TO 25, 2020 AND THE ESTABLISHMENT OF THE COLLEGE OF PARLIAMENTARY ADMINISTRATORS

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By webmaster September 26, 2020 07:21

The year two thousand and twenty, on the fifteenth day of September, senators met in the Senate Chamber for the 5th plenary session of the sixth legislature in order to analyze and adopt the draft program of activities for the period running from September 14 to 25, 2020 and set up the college of parliamentary administrators.

The session was chaired by Right Honorable Emmanuel SINZOHAGERA, Senate Speaker. That session, which was attended by 33 senators, was opened, as usual, with a prayer at 11.25 am.

• After the prayer, Right Honorable Senate Speaker and at the same time Chairperson of the session presented to the senators the draft program for the period from September 14 to 25, 2020 which read as follows:

Monday September 14, 2020, there were activities in committees.

On Tuesday, September 15, 2020, there was first a meeting for members of the Bureau, then that of the extended Bureau and finally the plenary session to analyze and adopt the draft program of activities for the period from September 14 to 25, 2020 as well as establishing the college of parliamentary administrators. Activities continued with the work in committees.

For the days of Wednesday and Thursday, September 16 and 17, Honorable Senators will attend a training about parliamentary practices.

On the days of Friday, Monday and Tuesday, September 18, 21 and 22, 2020, committee works are scheduled and sports for Friday afternoon from 03.00 pm.

Regarding the days of Wednesday and Thursday September 23 and 24, 2020, plenary sessions are planned to respectively analyze and adopt two bills, namely a bill revising the law n ° 1/22 of December 30, 2011 on reorganization of higher education in Burundi and a bill governing the capital market authority in Burundi.

For the day of Friday, September 25, 2020, the whole morning will be devoted to activities in committees and sports from 03.00 pm. After analysis, the draft program was unanimously adopted by 33 senators who were present.

• In connection with the establishment of the College of parliamentary administrators, three Senators were elected in accordance with Articles 53, 54 and 55 of the Internal regulation of the Senate Rules, namely:

• Honorable NDADAYE Denise;

• Honorable SUKUNOBA Vincent;

• Honorable NZIGAMIYE Jacqueline.

• Alongside those two items on the agenda, three main items caught the attention of senators, namely:

  1. The terms of purchase for vehicles to be granted to senators

In this regard, the Chairpreson of the meeting indicated that the process is at an advanced stage and a committee of four (4) senators was set up for the follow-up.

Those are:

•Honorable NJEBARIKANUYE Spès Caritas;

• Honorable GIRUKWISHAKA Victor;

• Honorable NTUNZWENIMANA Jean Bosco;

• Honorable GASUNZU Pascal.

  • The inventory of fixtures for the Association of Burundian Parliamentarians, APB

For this item, summary information on that association, in particular the objective of its creation and its future prospects were given by a member. Thus, senators were invited to adhere in large numbers in order to prepare for their post-mandate well-being.

3. The supplementary retirement pension fund

Given the fact that the Senate of Burundi has already signed an engagement with the Urban Housing Promotion Fund; Honorable senators were invited to save their supplementary pension funds in that institution which would grant them many advantages.

By the end of the communications, the session, which took place in a very relaxed atmosphere, ended at 12.40.

SUMMARY REPORT OF THE PLENARY SESSION OF SEPTEMBER 24, 2020

In the year two thousand and twenty, on the twenty-fourth day of September, the senators met in the Senate chamber for the 6th plenary session of the sixth legislature in order to consider and adopt the bill on Burundi Capital Market Authority.

The session was led by Right Honorable Senate Speaker, Mr. Emmanuel SINZOHAGERA. This session, which was attended by 30 senators and the Minister of Finance, Budget and Cooperation for Economic Development, Mr. Domitien NDIHOKUBWAYO, representative of the Government, began, as usual, with a prayer at 09.50 a.m.

By way of introduction, Right Honorable Senate Speaker first welcomed the Senators and the representative of the Government. After the adoption of the modified calendar of activities, the chairman of the session invited the Minister of Finance to present the preamble of the above-mentioned bill.

In his presentation, Minister Domitien NDIHOKUBWAYO first went back in the history of this bill, to make the honorable senators understand its added value in the country’s economy. Indeed, he said, in application of the provisions of the Treaty establishing the East African Community (ECA) on the implementation of financial market development plans, the Republic of Burundi initiated reforms aiming at improving the business environment in general, and the modernization of the financial sector in particular.

It is within this context that the Law No. 1/05 of February 27, 2019 governing the capital market in Burundi was promulgated. The minister mentioned that this law, in its article 5, stipulates that “a specific law creates the Market Authority and defines its missions, organization and functioning.” This project was proposed within this framework.

He added that the Burundi Capital Market Authority comes to fulfill the requirement of the law governing the Burundi capital market and aims at protecting investors, ensuring a fair, efficient and transparent market and reducing systemic risks.

After this presentation, Honorable Jean Marie NIBIRANTIJE, president of the standing committee on economic, environment, finance and budget issues, committee which had been notified for the subject matter, was invited by Right Honorable Senate Speaker to present the report of this committee.    

Then, the floor was given to Honorable senators, in particular those who are not part of the referred committee, so that they may speak under the general debate, if need be, ask clarification questions.

In this regard, the senators asked questions to know what would happen in case an investor withdraws his shares before maturity.

To this concern, the minister reassured them by specifying that as a precaution, a whole arsenal of legal texts is planned to protect investors and reduce risks.

Speaking of the missions assigned to the various investment institutions working in Burundi such as the Agency for the Promotion of Investments (API) or the Support Agency for the Realization of Public-Private Partnership Contracts (ARCP), and the “capital market authority”, the representatives of the population wanted to be reassured if there will not be any overlaps between them.

Speaking about this concern, the minister indicated that each has its main mission, but there will always be an essential complementarity between them; like all the institutions supported by the Government.

On the question to know whether insurance companies can participate in the capital market as well, the representative of the Government answered in the affirmative. He stressed that the doors are open to any natural or legal person wishing to do so; given that one of the main missions of the A.R.M.C is to create a framework for meetings between investors and anyone looking for capital.

At the end of the discussions, Honorable senators formulated recommendations for the Government:

1. Organize training for the executives of the sectoral ministries concerned in order to make them more efficient and equipped;

2. Accompany all promulgated laws with their implementing texts so that they are effectively put into force.

Afterwards, the bill was put to a vote and was adopted unanimously by the 39 voting senators, 30 of whom were present and 9 proxies, subject nevertheless to the amendments made.

The session took place in a very relaxed atmosphere and ended at 12.11.

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By webmaster September 26, 2020 07:21
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