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{
    "id": 1236883,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1236883/?format=api",
    "text_counter": 78,
    "type": "speech",
    "speaker_name": "Hon. Musalia Mudavadi",
    "speaker_title": "The Prime Cabinet Secretary",
    "speaker": {
        "id": 84,
        "legal_name": "Wycliffe Musalia Mudavadi",
        "slug": "musalia-mudavadi"
    },
    "content": "Secondly, prior to April 2023, the Government imported all its petroleum product requirements through the open tendering system. The monthly requirement— this is very useful for the Members— is approximately 740,000 metric tonnes of fuel. This translates to about USD70 million per month. All these petroleum products imports were paid for in United States of America (USA) Dollars which put a strain on the Government’s FOREX reserves and caused a huge deficiency in availability of USD causing depreciation of the Kenya Shilling. The USD requirements by oil marketing companies account for about 30 per cent of Kenya’s total USD requirements. This puts local foreign exchange reserves under pressure. In an effort to ease the aforementioned pressure, the Government, therefore, entered into a memorandum of understanding with prospective governments and master framework agreements with their respective petroleum trading entities for the supply of petroleum products for a term of 270 days on extended credit for a period of 180 days. This is referred to as the Government-to- Government (G2G) Arrangement."
}