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{
"id": 1077238,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1077238/?format=api",
"text_counter": 98,
"type": "speech",
"speaker_name": "Amb. Ukur Yatani",
"speaker_title": "The Cabinet Secretary, National Treasury and Planning",
"speaker": null,
"content": "strategic interventions of Government as well as sustained policy reforms over the years have greatly transformed the economy and improved the welfare of Kenyans. I will now highlight some of the key achievements realised from these investments and reforms: Hon. Speaker Sir, at the macro-economic level, our prudent fiscal, monetary and financial policies have resulted into: First, strong economic growth that averaged at 5.6 per cent between 2013 and 2019. However, the onset of the COVID-19 pandemic slowed growth in the year 2020. The GDP per capita increased by an impressive 80.4 percent from Kshs113,000 in 2013 to Kshs204,000 in 2019. New jobs created by both the formal and informal sector increased by 12 percent from 755,000 in 2013 to 846,000 in 2019. Second, inflation rate has remained within target range, averaging 6.1 per cent. Third, interest rates have declined while credit to the private sector increased. Lending rates declined from 17.3 per cent in 2013 to 12 per cent in 2020, while the Central Bank rate declined from 8.5 per cent in 2013 to 7 per cent in 2020. As a result, credit to the private sector increased from Kshs1.5 trillion in 2013 to Kshs2.8 trillion in 2020; Fourth, the current account deficit improved from 8.8 per cent of GDP in 2013 to 4.7 per cent of GDP in 2020, thus supporting the stability of the foreign exchange market; and, Fifth, revenue collection including Appropriations-in-Aid (A-in-A) doubled from Kshs900 billion 2013/2014 to an estimated Kshs1.8 trillion in the Financial Year 2020/2021. Hon. Speaker, our investment in the expansion of road networks, railways, seaports, airports and energy has enhanced domestic and regional connectivity, boosted rural productivity and reduced urban congestion. These investments include: One, the Standard Gauge Railway and the urban commuter rail in Nairobi; the ongoing rehabilitation of meter gauge railway line along various routes including Nairobi-Nanyuki and Nakuru-Kisumu-Butere. Two, the recently launched first berth in Lamu Port as a critical pillar of the LAPSSET corridor. Our focus is to make Lamu a free port for both domestic and trans-shipment purposes. In addition, the Government is establishing a disease free zone in Lamu to support export of live animals and processed meat; Three, the rehabilitation and subsequent use of Kisumu Port will enhance efficiency in regional trade; and, Four, expansion in energy generation and connectivity with over 7.5 million households connected to electricity today compared to 2.3 million households in 2013. Hon. Speaker, the Government has provided various incentives at our ports including exempting the fuel supplied to the shipping lines from import and excise duty, VAT as well as railway development levy and import declaration fees. To further attract more ships to our ports, particularly to the recently launched Lamu Port, the Government will review the arrangements on fuelling by vessels calling at the Kenya Ports with a view to allowing ship to ship refueling and establishment of fuel bunker facilities. In addition to the various reforms in the agricultural sector, we focused on the livestock sector by reviving the Kenya Meat Commission. We shall set up a meat processing plant in Lamu to provide ready market for livestock, increase income to farmers and enhance the meat value chain. We also focused on increasing fish production by refurbishing Liwatoni Fishing Complex and setting up a new fish processing plant in Lamu. This will promote exports and increase incomes for the local fishermen. 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."
}