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{
    "id": 1236890,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1236890/?format=api",
    "text_counter": 85,
    "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": "Over the medium-term, inflation is expected to return to the midpoint of 5 per cent of our target band which is 2.5-7.5 per cent. The Central Bank of Kenya on its part has proactively tightened its monetary policy stands to prevent second round effects and keep inflation expectations anchored. The CBK rate was raised to 9.5 per cent in March 2023. This is expected to gradually reduce inflation in the coming months. The exchange rate flexibility has worked as a shock absorber in the face of variety of external shocks and will continue to do so to help support our competitiveness, protect reserves and facilitate efficient functioning of our domestic foreign exchange market. These policies are mutually reinforcing in support of maintaining macroeconomic stability and resilience, ensuring fiscal and debts sustainability and enhancing buffers against external shocks. The Government will implement the bottom-up economic transformation agenda that is geared towards economic turn-around and inclusive growth, as specified in the Budget Policy Statement, which I am happy to note that this House has already approved. Finally, it is important to take cognisance of the functioning of markets, especially on the supply side, where there are threats like political unrest, strikes and maandamano. The functionality of markets is impaired thus slowing down economic recovery. Hon. Speaker, I will pause there, so that I can take some supplementary questions."
}