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"id": 102872,
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"content": "change, unemployment, particularly amongst our youth, and severe food poverty in certain parts of our country. Mr. Speaker, Sir, these challenges underscore the importance of developing an economic framework that promotes productivity and builds resilience to enable our economy to respond more effectively to the various shocks, while paying particular attention to our long-term national objectives as outlined in Vision 2030. This means focussing on key steps to strengthen the physical, human and institutional prerequisites for a strong and competitive private sector-led development. It also means focusing on policies and interventions that open up opportunities for upcoming entrepreneurs to start businesses and create employment while ensuring food security and, indeed, equitable regional development. Mr. Speaker, Sir, despite the challenges that we continue to face, we are now in a better position to refocus our efforts towards our long-term vision as we consolidate the recovery that is now underway. The overriding policy thrust of 2010/2011 Budget and medium-term is, therefore, to consolidate the economic recovery and put the economy back onto a firm foundation of high and sustainable growth path. This will require steering the economy back to the 7 per cent real GDP growth achieved in 2007, and thereafter accelerating the growth further to reach our Vision 2030 target of 10 per cent in the course of the next five years. Thereafter, we must maintain the growth path at that level and ensure that growth is broad-based and inclusive so that no single Kenyan is left in poverty. Mr. Speaker, Sir, to attain the high level of growth, we will implement measure, guided by our Strategic Framework for Faster Development underpinned by a stable macro-economic environment structural reforms aimed at raising productivity and improving the business climate. This is key to enhancing Kenyaâs competitiveness and accelerating private sector investment. Further, the Government will deepen its focus on removing all the constraints that prevent us from exploiting our full economic potential. In this regard, particular attention will be paid to further improving the business environment, increased investment in the key priority social and economic sectors such as health, education, agriculture and critical physical infrastructure, especially roads, rail, power and port modernisation. Mr. Speaker, Sir, the Strategic Framework must also address the unemployment challenges that we face, particularly among our youth. In this regard, the Government will seek to equip the youth with appropriate technical and entrepreneurial skills, while at the same time putting in place measures to promote the Small and Medium Enterprises for employment and income generation. To complement the investment in social and economic sector, and to promote equitable regional development for national unity and social stability, the Government will scale up implementation of the social-economic programmes for the marginalised areas, with resources dedicated for this programme covering agriculture and livestock development, education, health, roads and water supply. Mr. Speaker, Sir, the accommodative monetary policy adopted by the Central Bank of Kenya to support economic recovery has facilitated a pick-up in credit to the private sector. However, we recognise that inflationary risks may increase as the economy recovers and Government spending accelerates. Therefore, going forward into the medium-term, the Central Bank of Kenya will continue to pursue monetary policy targeted low inflation of around 5 per cent, while ensuring continued stability in long-term interest rates as well as maintaining a competitive exchange rate that will promote Kenyaâs exports."
}