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{
    "id": 1156034,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1156034/?format=api",
    "text_counter": 149,
    "type": "speech",
    "speaker_name": "Amb. Ukur Yatani",
    "speaker_title": "The Cabinet Secretary, National Treasury and Planning",
    "speaker": null,
    "content": "The Public Service Superannuation Scheme that was operationalized in January 2021 has attracted more than 352,000 members with a current fund value of Ksh27.0 billion. The Scheme is eventually expected to ease pressure on the pension wage bill while guaranteeing sustainability of public service pensions. To further improve the Pension’s Policy Framework, the National Treasury is developing an overarching National Pensions Policy that sets the guiding principles for application across board on structuring and management of retirement benefits for public servants. In order to widen the scope of investment where Pension Schemes can invest their funds, I propose to amend the Retirement Benefits Investment Guidelines to include the unlisted Real Estates Investment Trusts incorporated in Kenya that are approved by the Capital Markets Authority. Hon. Speaker, the much awaited Government backed pensions scheme for informal sector workers; Kenya National Entrepreneurs Savings Trust (KNEST) targeting over 15 million marginalised informal sector workers has now been registered. To operationalise the scheme, the Government is restructuring the M-Akiba bond platform for safe and secure investment for the unique heterogeneous informal workers. To this effect, the National Treasury is working with stakeholders in the financial sector to roll out the scheme across the 47 counties in the course of this Financial Year. In the recent times, motorcycles and three wheelers have increasingly been engaged in commercial fare paying passengers business. Unfortunately, the number of accidents in this category of business have been on a steady rise yet the owners of motorcycles do not have insurance covers to cater for any treatment in case of injuries or compensation in case of death or any other damages caused by an accident involving motorcycles. In this respect, I propose to amend the Insurance Regulations to require motorcycles and three wheelers used by fare paying passengers to take insurance for their passengers. In an effort to strengthen disaster risk management in the country, the Government will fast track the enactment of the Disaster Risk Management Policy and Bill; finalize the Disaster Risk Management Strategy and update the Disaster Risk Financing. In addition, the National Treasury will expedite the finalisation of Public Finance Management (Disaster Management Fund) Regulations, 2022. In order to demonstrate our commitment in addressing climate change … Hon. Speaker, in order to demonstrate our commitment in addressing climate change, the Government will implement the “Financing Locally-Led Climate Action Program (FLLoCA)” – a 10-year financing program aimed at mobilising climate finances to support local communities build their resilience and adapt to the impacts of climate change in the 47 counties. In the FY 2022/23, I propose to allocate Kshs6.1 billion to this program. In addition, the Government has finalised the Long-Term Low Emission Strategy to guide a low carbon-climate resilient development path. To address the financing challenge of climate change actions, the Government will develop a Climate Finance Mobilisation Strategy. Further, in order to promote 43 private sector investments in green projects and programmes, the Government will fast-track the finalisation of the National Policy Framework on Green Fiscal Incentives and the development of the carbon mechanism design. In the forestry sector, the Government is committed to expand the country’s tree cover from current 7.2 per cent to the 10 per cent target. The Government is revitalising efforts to meet this important target through resource mobilisation with partners, and engagement with counties to dedicate more areas and resources under the forestry regimes, as well as tackling the catchment 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."
}