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{
"id": 1591162,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591162/?format=api",
"text_counter": 148,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "Let me start with the Economic policy context. I will first speak to the global context. The FY 2025/26 Budget has been prepared in the context of heightened uncertainty due to recent tariff wars and the intensification of geopolitical tensions which continue to pose significant risks to global economies. In this respect, global economic growth is expected to slow down from 3.3 per cent in 2024 to 2.8 per cent in 2025 and finally to 3.0 per cent in 2026."
},
{
"id": 1591163,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591163/?format=api",
"text_counter": 149,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "Regarding the Domestic Economy, Hon. Speaker and Hon Members, on the domestic front, the economy has remained resilient, recording an average growth rate of 5.2 per cent for the years 2023 and 2024. This performance is higher than the global average of 3.3 per cent and the 3.8 per cent average for the Sub-Saharan Africa region over the same period. This strong growth reflects the impact of sound and deliberate policies as well as the resilience of our well diversified economy. These factors have enabled us to withstand significant domestic and external shocks while maintaining a steady path of progress."
},
{
"id": 1591164,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591164/?format=api",
"text_counter": 150,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "In 2024, the economy grew by 4.7 per cent supported by positive growths in all sectors except construction and mining. This growth was lower compared to 5.7 per cent in 2023 mainly due to adverse effects of floods in the second quarter and the anti-Finance Bill protests in the third Quarter of 2024 that disrupted economic activities. In fact, our economy closed down for about three months. Hon. Speaker, the Government’s policy interventions have strengthened the macroeconomic indicators as reflected in the following achievements: 1. First, inflation rate has declined to 3.8 per cent in May 2025 from a peak of 9.6 per cent in October 2022. The prices of essential food items including sugar, milk, maize flour, wheat flour, bread and rice, among others, have eased. For example, the price of 2 kilograms of sifted maize flour has declined to Ksh156.9 in May 2025 from Ksh177.7 in October 2022. Similarly, cost of energy and power has come down over the same period. 2. Second, in response to the decline in inflation, the Central Bank of Kenya has gradually eased monetary policy, lowering the Central Bank Rate from 13 per cent in August 2024 to 9.75 per cent in June 2025. With the easing of monetary policy stance, interest rates have been declining. For example, the 91-day Treasury Bills rates have declined from an average of 15.9 per cent in May 2024 to 8.3 per cent by May 2025. In addition, the average commercial bank lending rates that peaked at 17.2 per cent in November 2024 have since declined to 15.7 per cent in April 2025 and are expected to decline further. This decline has not only reduced the cost on government debt but is also expected to stimulate lending by banks to the private sector and support economic activity. 3. Thirdky, foreign exchange market has remained stable supported by a narrowing in the current account deficit and improved investor sentiment and confidence in the economy. The current account deficit narrowed to an all-time low at 1.3 per cent of GDP in 2024 from 2.5 per cent of GDP in 2023 supported by exports of goods, resilient tourism and remittance inflows and a contraction in food imports. As a result, foreign exchange reserves have increased to their highest levels and stood at US Dollar 10.5 billion, which is equivalent to 4.7 months of import cover, by 30th May 2025 and continue to provide adequate cover and a buffer against any short-term shocks in the foreign exchange market. The exchange rate against the US Dollar has appreciated from Ksh159.7 to the Dollar in January 2024, to stabilise at Ksh129.3 by 30th May 2025. Hon. Speaker, the economy is expected to sustain growth momentum in 2025 and 2026 with growth projected at 5.3 per cent per year. This growth outlook is premised on a stable macroeconomic environment over the medium-term. To foster macroeconomic stability, the The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1591165,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591165/?format=api",
"text_counter": 151,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "Government will continue to uphold prudent monetary and fiscal policies, ensuring that our actions remain aligned with the evolving needs of the economy and of the Kenyan people. As part of the process, the Government will work to ensure that inflation remains within the targeted range, maintain a competitive exchange rate to the dollar, and deliver stable interest rates. Fiscal policy stance over the medium term will continue to support the Government's priority programmes under BETA through a growth-oriented fiscal consolidation plan. As such, the fiscal deficit is projected to decline from 5.3 per cent of GDP in the FY 2023/24 to 2.7 per cent of GDP in the FY 2028/29. Hon. Speaker, Kenya’s economic outlook faces both external and domestic risks. Globally, trade tensions, financial market volatility, and geopolitical conflicts could reduce Kenya's exports, tourism, and remittances as well as raise costs of essential commodities. In the domestic scene, extreme weather may impact agriculture, infrastructure and food security. The government is monitoring these risks closely. It will take necessary actions and measures to safeguard macroeconomic stability."
},
{
"id": 1591166,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591166/?format=api",
"text_counter": 152,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "Hon. Speaker and Hon. Members, let me now expound the policy, priorities and structural reforms the government is implementing to sustain economic growth and improve livelihoods of Kenyans. The priorities fall under the Bottom-Up Economic Transformation Agenda (BETA). As my statement affirmed earlier, the government's initiatives under BETA over the last two and a half years have resulted in significant successes. Notwithstanding a challenging domestic and external landscape."
},
{
"id": 1591167,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591167/?format=api",
"text_counter": 153,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "Over the medium term, the government will consolidate the gains already realised to stimulate sustainable economic recovery for improved livelihoods. To this end, the government will continue to implement policies, programmes, projects, and interventions geared towards bringing down the cost of living further, ensuring food security, creating jobs, expanding the tax base, improving foreign exchange balances, and fostering inclusive growth. Priority will be given to attract strategic investment across BETA’s five core pillars and their enablers using a value-chain approach to enhance production, add value, and improve market access. The whole-of-government approach to service delivery will supported it. The government will also implement the following interventions to support and accelerate economic recovery. First, continue to uphold macroeconomic stability and strengthen security to ensure a safe and supportive business environment."
},
{
"id": 1591168,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591168/?format=api",
"text_counter": 154,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "Second, accelerate development of key infrastructure including roads, railway, energy, and water systems to lower the cost of doing business and ease movement of people and goods."
},
{
"id": 1591169,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591169/?format=api",
"text_counter": 155,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "Third, boost investment in key economic sectors to drive a broad-based sustainable growth. This includes advancing agricultural transformation, strengthening manufacturing, promoting environmental conservation and climate change mitigation, revitalising tourism, and ensuring sustainable land use and management."
},
{
"id": 1591170,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591170/?format=api",
"text_counter": 156,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "Fourth, strengthen human capital development by increasing investment in health, education, and targeted social safety nets for vulnerable populations to achieve both social and economic outcomes."
},
{
"id": 1591171,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1591171/?format=api",
"text_counter": 157,
"type": "speech",
"speaker_name": "Hon. John Mbadi",
"speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
"speaker": null,
"content": "Fifth, promote empowerment of youth, women, and persons living with disabilities through government-funded programmes complemented by strategic partnerships with private sector organisations."
}
]
}