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{
    "id": 1031640,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1031640/?format=api",
    "text_counter": 62,
    "type": "speech",
    "speaker_name": "Hon. Uhuru Kenyatta",
    "speaker_title": "His Excellency the President",
    "speaker": {
        "id": 168,
        "legal_name": "Uhuru Muigai Kenyatta",
        "slug": "uhuru-kenyatta"
    },
    "content": "(8) That Kshs6 billion from the Universal Health Coverage (UHC) kitty was to be immediately appropriated strictly towards supporting counties and the recruitment of additional health workers to support in the management of the spread of COVID-19; (9) The lowering of the Central Bank Rate (CBR) from 8.25 per cent to 7.25 per cent, so as to prompt commercial banks to lower interest rates applicable to their borrowers, and thereby availing much needed affordable credit to MSMEs across the country; (10) The lowering of the Cash Reserve Ratio (CRR) from 5.25 per cent to 4.25 per cent, so as to provide additional liquidity of Kshs35 billion to commercial banks in order to directly support borrowers that were distressed as a result of the economic effects of the COVID-19 pandemic; and, (11) That the Central Bank of Kenya (CBK) was to provide flexibility to banks with regard to the requirements applicable to loan classification and provision of loans that were performing as at 2nd March, 2020. In addition, my administration, with the support of Parliament, further initiated an Eight-Point Economic Stimulus Programme amounting to Kshs56.6 billion. The major objective of the Programme was to return the economy to the growth trajectory it was on pre-Corona by increasing demand for local goods and services, cushioning vulnerable Kenyans, securing household food security for the poor, and creating employment and incomes. More importantly, the programme sought to enhance liquidity in support of the business sector, particularly micro and small enterprises. Accordingly, we set aside a further Kshs5 billion for the operationalizing the Credit Guarantee Scheme (CGS). The recovery programme also targets to revamp a broad spectrum of economic sectors by hiring 5,000 health workers and 11,000 interns; even as it supports our teachers as they continue to enhance the delivery of knowledge to our children. It further seeks to create 100,000 job opportunities for the youth, besides implementing a subsidized farm input scheme for vulnerable households. Part of the resources allocated will be utilized on the ongoing fabrication of 250,000 school desks crafted by local artisans. Hon. Speakers, despite the very difficult times that we have faced as a nation, our people have remained resilient. In the face of tremendous economic challenges and the health crisis we are facing, the majority of us have truly been our brother’s keeper. Not only have we stood with our family members and friends going through hard times, we have also acted responsibly by following the laid-down public health directives. Fellow Kenyans, we are not yet out of the woods, and so, I urge all Kenyans to keep doing that which is honorable and right. As a nation, we will overcome and thereafter soar to even greater heights. Hon. Speakers, the COVID-19 Pandemic has brought to the fore the urgent need for us to upscale our implementation of the Universal Health Coverage (UHC) pillar of the Big Four Agenda, which seeks to eradicate the ‘poverty of dignity’ and transition our nation into an era where no Kenyan should be forced to sell their land in order to settle their medical bills, or be forced to make a choice between buying the much needed medicine and using the money to feed their children; an impossible choice."
}