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{
    "id": 102880,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/102880/?format=api",
    "text_counter": 23,
    "type": "other",
    "speaker_name": "",
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    "speaker": null,
    "content": "Mr. Speaker, Sir, specific emphasis will be placed on ensuring audits are carried out on time and all other accountability requirements are met. Consistent with Vision 2030 and the medium-term plan, the Government will contain the growth in public debt to a sustainable level in order to ensure the private sector is not crowded out. We have demonstrated the commitment through this Budget by reducing domestic borrowing significantly from 5.1 per cent of the GDP in 2009/2010 Supplementary Budget to as low as of 3.8 per cent in 2010/2011. As Kenyans are aware, the Government has maintained a sustainable overall debt position. However, we recognise that the high cost of servicing domestic debt comes at the expense of more pressing and priority development programmes. In this respect and in pursuant of a process started in the Financial Year 2009/2010, the Government has developed the 2010 Medium-Term Debts Management Strategy (MTDS) to provide operational guidance for debt financing at low cost, subject to prudent degree of risk and consistent with maintaining debt sustainability. The 2030 MTDS has considered the global economic environment, the micro- economic and related variables and recommends maintaining the shift in both financing and composition of debt towards long-term domestic over the medium- term. To facilitate reduction in domestic debt, the Government aims to increase access to external concessional funds and to use part of these proceeds to repay the domestic debt already acquired. The savings likely to arise from this debt management strategy will be used to finance critical and strategic priority development programmes. Mr. Speaker, Sir, while our financial sector continues to be strong, there will be need to undertake further reforms to address systemic vulnerabilities that have become apparent following the onset of the global economic and financial crisis. In addition to the legal reforms I have outlined, I will be introducing amendments to the Capital Markets Authority Act to facilitate the demutualization of the Nairobi Stock Exchange during the Financial Year 2010/2011. Facilitating business development for wealth and employment creation: In today’s increasingly globalized world, enhancing our country’s competitiveness is key to attaining our goal of becoming a middle income country by 2030. We, however, recognise that despite reforms we have undertaken, our legal and regulatory framework continues to be an impediment to doing business. To attain our stated development objectives, we require a business environment that is at par with international best practice so that we can attract the requisite private investment. In terms of our investment in physical infrastructure, we are making commendable progress. But our regulatory institutions are not keeping in tandem with the efforts to improve predictability and cost of doing business. This Budget, therefore, proposes further measures to improve our regulatory framework supportive of a private sector led growth. One key action in this direction will be the enactment of the proposed Business Regulation Bill which is now ready for submission to this House. Once enacted, it will not be possible for our regulatory institutions and, indeed, our authorities to arbitrarily or unilaterally introduce charges and fees. I will, indeed, be counting on hon. Members to support this important Bill. Hon. Members, we also urge our regulatory authorities and, indeed, local authorities"
}