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{
    "id": 1155821,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1155821/?format=api",
    "text_counter": 144,
    "type": "speech",
    "speaker_name": "Amb. Ukur Yatani",
    "speaker_title": "The Cabinet Secretary, National Treasury and Planning",
    "speaker": null,
    "content": "For instance: (i) The economy has grown by 155 per cent from Kshs5.3 trillion to Kshs13.5 trillion in 2022. (ii) A strong economic growth averaging 4.6 per cent has been realised over the period including impressive recovery of 7.6 per cent in 2021 from a contraction of 0.3 per cent in 2020 occasioned by the COVID-19 pandemic. (iii) Cumulatively 5.1 million new jobs in both formal and informal sectors were created. (iv) The economy has maintained macroeconomic stability with inflation rates within target and interest rates remaining stable. The average annual inflation rate declined from 7.2 per cent in 2013 to 5.7 per cent in 2021. (v) Commercial banks’ lending to the private sector doubled from Kshs1.5 trillion to Kshs3.1 trillion in 2021. (vi) Successfully lengthened the average time to maturity for Treasury Bonds from 7.4 years in June 2013 to nine years in March 2022. This has improved the maturity profile of domestic debt and supported refinancing risk mitigation. (vii) The foreign exchange market has remained stable with the official foreign exchange reserves increasing from US$6.5 billion or 4.4 months of import cover to US$9.5 billion or 5.6 months of import cover in 2021. The current account deficit improved by dropping from 7.7 per cent of GDP in 2013 to 4.9 per cent of GDP in 2021, effectively supporting the stability of the foreign exchange market. (viii) Annual diaspora remittances grew by close to 300 per cent from Kshs112.3 billion in 2013 to the current Kshs436.8 billion in 2022. (ix) Foreign Direct Investment (FDI) rose from Kshs56.7 trillion in 2013 to Kshs75.1 trillion in 2017. (x) Ordinary revenue collection has more than doubled from Kshs0.8 trillion in the 2012/2013 Financial Year to Kshs1.8 trillion in the 2020/2021 Financial Year and further to Kshs2 trillion in the 2021/2022 Financial Year. (xi) The poverty prevalence rate declined from 36.1 per cent in 2013 to 33.6 per cent in 2019. The on-going police reforms aimed at protecting lives and enhancing general security of citizens have significantly improved the ratio of police to citizen; from one policeman to 1,000 citizens in 2012 to the current one policeman to 462 citizens. With regard to infrastructure, the Government has constructed an additional 10,500 kilometres of tarmacked roads spread across the 47 counties facilitating efficient movement of people and goods, thereby rapidly stimulating economic activities. The completion of the Standard Gauge Railway (SGR) has not only eased movement of passengers during the period, but also led to transportation of over 17.6 million tonnes of cargo between 2018 and 2021. During this period, over 6.5 million passengers have used the Standard Gauge Railway. This has had positive effects on the economy including creation of jobs. Within the same period, the Government tripled power generation from 1,300 megawatts to the current 3,900 megawatts. Of this, 73 per cent is from green sources thus consolidating Kenya’s lead in generation of green energy in Africa. This has significantly increased the number 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."
}