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{
    "id": 1000964,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1000964/?format=api",
    "text_counter": 197,
    "type": "speech",
    "speaker_name": "Amb. Ukur Yatani",
    "speaker_title": "The Cabinet Secretary, National Treasury and Planning",
    "speaker": null,
    "content": "stable despite the shocks occasioned by the COVID-19 pandemic. The banking sector remains stable and resilient, with strong liquidity and capital adequacy ratios. The Central Bank of Kenya has been closely monitoring the sector to identify vulnerabilities especially those associated with the COVID-19 pandemic. The Bank has been at the forefront and has rolled out various policy and regulatory measures to support the sector. During the last one year, the Government, through the Central Bank of Kenya, rolled out a mobile based service to facilitate retail investors participate in Government securities - a convenience to investors during this pandemic. In order to strengthen our position as a regional financial hub, the National Treasury is in the process of fully operationalising the Nairobi International Financial Centre. The Centre will play an important role in attracting investments and private capital to support economic growth as well as mobilising additional financing for the “Big Four” projects and further providing new financing options for Kenyan businesses. To enhance the safety and integrity of our financial system, the National Treasury together with other stakeholders will conduct Kenya’s first National Risk Assessment on Money Laundering and Terrorism Financing. This will assist the country’s competent authorities to assign responsibilities for combating money laundering and terrorism financing to the relevant Government agencies on the basis of identified risks and vulnerabilities. The high cost of housing units and limited access to affordable long-term finance remain a leading housing market constraint. To address this challenge, the Government established the Kenya Mortgage Refinance Company (KMRC) whose main purpose is to provide long-term funds to primary housing mortgage providers in the housing sector. In this regard, the Company will offer fixed rate long-term loans at concessional rates to mortgage providers who are expected to pass the benefit to citizens at lower than market rates. The Company has raised a capital of Kshs2.0 billion while the National Treasury has mobilised an additional Kshs35 billion from development partners to support the Company’s operations."
}