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{
    "id": 1000980,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1000980/?format=api",
    "text_counter": 213,
    "type": "speech",
    "speaker_name": "Amb. Ukur Yatani",
    "speaker_title": "The Cabinet Secretary, National Treasury and Planning",
    "speaker": null,
    "content": "GDP; net domestic financing of Kshs493.4 billion or 4.4 per cent of the GDP and other net domestic repayments of Kshs627 million. Hon. Speaker, to achieve these targets, we will continue to contain growth in non-core recurrent spending and enhance our efforts in revenue mobilisation. In this respect, we shall closely monitor the economic impact of COVID-19 and once the economy recovers, we will review our fiscal plan including tax measures to strengthen public finances to sustainably fund our development agenda. On the external resource mobilisation, the Government is concerned about perennial low absorption of donor funds that has denied Kenyans the full benefit of this financing. To remove impediments in project implementation and scale-up absorption of donor funds, the Government will put in place appropriate policies and administrative measures. This may involve re-allocation of funds from slow- moving projects or non-starter projects to other priority projects and programmes to minimise payment of unnecessary fees and charges. Stabilising growth in public debt, let me turn to the state of our public debt. Our debt remains sustainable despite some of the debt burden indicators deteriorating due to the impact of the COVID-19 pandemic which has elevated expenditure pressures, reduced revenues and export earnings. The debt burden is projected to decline over the medium-term in line with the fiscal consolidation plan under implementation. Going forward, the Government is committed to implement the 2020 Medium-Term Debt Strategy which recommends a shift towards concessional external borrowing and lengthening of maturity structure of the domestic debt. In addition, the Debt and Borrowing Policy approved in early 2020 will guide management of public debt. On the public private partnerships framework, as an alternative source of finance to fund public projects, the Government shall revitalise the public private partnership framework. Indeed, public private partnerships have the potential to accelerate economic growth and development by crowding-in private sector participation in the financing of capital-intensive infrastructural projects. The reforms in this area will include amending the PPP Act to remove unnecessary approvals and redundant processes as well as restructure and strengthen institutions responsible for implementing such projects. The Government will also streamline and standardise the appropriate credit enhancement tool including the Government Letter of Support, Partial Risk Guarantees and Indemnity Guarantees as well as viability gap funding where necessary to enhance bankability of projects. The Government, through this arrangement, targets to mobilise approximately Kshs200 billion in the FY 2020/2021 by concluding the financing of several projects that are currently at advanced stage of negotiations. These projects are drawn from among others transport, energy, health, housing and manufacturing sectors of the economy. Let me turn to the highlights of the Government spending priorities in the coming financial year. The total programmed spending for the FY 2020/2021 excluding redemptions amounts to Kshs2.79 trillion. The Budget for FY 2020/2021 will continue with the implementation of the Big Four Agenda, thus the targeted expenditures prioritise employment creation, youth empowerment, supporting manufacturing activities, enhancing health coverage, improving food security and living conditions through affordable housing. To support these initiatives, I have set aside Kshs128.3 billion for the Big Four Agenda drivers and enablers. Hon. Speaker, the Government continues to prioritise healthcare by scaling up universal health coverage to all the counties. To improve health outcomes, I have proposed an allocation of 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."
}