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{
    "id": 102434,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/102434/?format=api",
    "text_counter": 178,
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    "speaker_name": "",
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    "speaker": null,
    "content": "Allow me now to turn to my remarks on the Budget implementation. Hon. Members will agree that the rapid and full implementation of all the key infrastructure projects is a key to the success of this Budget. In this regard, the Government is adopting the following measures. First, for urgent large-scale infrastructure projects of national importance, we will find means to radically shorten the time required to complete public procurement procedures. We will do so within the provisions of the Public Procurement and Disposal Act. We will ensure that the process will be fully transparent and competitive. A Government taskforce will be established under the chairmanship of the Prime Minister in the task of recommending such means by the end of August, 2010. Secondly, the Government will ensure that the Exchequer releases will in no way delay the implementation of key projects. Specifically, working closely with the Treasury, each line Ministry will establish a reliable and cost effective quarterly cash flow projection for this fiscal year, consistent with the annual budget allocation for that Ministry. The Treasury undertakes to issue Exchequer releases immediately upon the receipt of request for the release of such requests, as long as the request is in line with cash flow projections. Third, the Government will eliminate undue delays in the initiation of a project that are caused by filing of frivolous court cases against public procurement contracts. To this end, the Attorney-General has been instructed to request the Judiciary to fasttrack cases involving infrastructure projects of national importance. In addition, we will request that in the event that the court determines that the case was frivolous, a prohibitively high penalty be imposed against the petitioner. Mr. Speaker, Sir, equally important is the speedy implementation of the measures to support small and medium enterprises. In addition to the measures outlined in the proposed Budget, I have directed the Treasury to instruct the Chief Executive Officer, Capital Markets Authority to consider establishing a junior Nairobi Stock Exchange (NSE). The junior Nairobi Stock Exchange will assist upcoming Kenyan ventures in raising equity capital. If successful, the junior NSE will offer credible competition to commercial banks which we hope will lead the banks to become more competitive and cut the large spell between lending and deposit rates that they currently enjoy."
}