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{
    "id": 1000937,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1000937/?format=api",
    "text_counter": 170,
    "type": "speech",
    "speaker_name": "Amb. Ukur Yatani",
    "speaker_title": "The Cabinet Secretary, National Treasury and Planning",
    "speaker": null,
    "content": "present a fiscal framework that sets out the resource envelope underpinning this Budget and enumerate the spending priorities. Finally, I will provide highlights of tax and other policy measures that we are proposing to support economic recovery. In addition to the recent shocks experienced by the economy, we are still confronted by the perennial challenges of high incidences of poverty and unemployment, frequent droughts, low agricultural and industrial productivity, inadequate decent housing, growing demands for higher investments in the health sector, inadequate revenue and other forms of financing and governance- related issues. These challenges, including the devastating effects of the COVID-19 pandemic, require bold actions if we are to position our country on a sustainable economic growth trajectory. Through this Budget, therefore, our focus will be, first, to roll out an economic stimulus programme that will catalyze economic activity, provide livelihoods to Kenyans and enable businesses to recover from the adverse effects of the COVID-19 pandemic. I will shortly enumerate the various initiatives and their funding. Second, maintaining macroeconomic stability to support long-term investments, economic growth and development. Towards this end, we aim to strike an appropriate balance between support for economic recovery and continued fiscal discipline. This will be achieved through effective coordination of fiscal, monetary and financial policies to lower the cost of living and doing business. Whereas Kenya’s public debt remains sustainable, we need to be cautious about future debt accumulation. Our focus, therefore, will be to strengthen management of public debt to minimize cost and risks of the portfolio, while accessing external concessional funding to finance development projects. Further, I reiterate that security of our people, property and investments remain key. In this regard, I will be proposing allocations of funds to strengthen our security and investigative agencies. This is because a secure and conducive business environment will attract Foreign Direct Investment (FDI) that is necessary for economic recovery. Third, to support the recovery and growth of micro, small and medium enterprises through various interventions, including operationalization of the Credit Guarantee Scheme. Hon. Speaker, to further expand opportunities for local enterprises and micro, small and medium enterprises, we shall gazette and enforce the list of items for local procurement to promote the “Buy Kenya Build Kenya” Initiative."
}