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{
    "id": 1250559,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1250559/?format=api",
    "text_counter": 1657,
    "type": "speech",
    "speaker_name": "Kiharu, UDA",
    "speaker_title": "Hon. Ndindi Nyoro",
    "speaker": null,
    "content": "The reason for mentioning these committees is because initially, it was just one committee. The Departmental Committee on Finance and National Planning and the Public Debt and Privatisation Committee have had the most difficult job because they are the two teams that have to deal with the supply side of money and the revenue side of the budget. The Budget and Appropriations Committee then plugs in only in terms of the expenditure. Therefore, I congratulate the two teams from the Departmental Committee on Finance and National Planning and the Public Debt and Privatisation Committee for the great work they have been doing, especially in making our work easy by ensuring that they avail the requisite resources that the Budget and Appropriations Committee needs to appropriate and allocate funds to several programmes. Hon. Deputy Speaker, I wish to now go to the issues. I want the Members of this honourable House, and Kenyans at large, to appreciate the circumstances in which we have been making this budget, especially the estimates for the Financial Year 2023/2024. In the recent past, we have had a very severe drought in the country that has cut off food supply. Because of the same, around the same period, especially for the last one or two years, we have seen an escalation in terms of inflation. The figures have been going up. Whereas the current situation is not as bad as it has been, in the last medium-term, the case has not been very good. We have also been facing global inflation, which is not just affecting our country, but majority of the economies of the world. I wish to mention one very specific matter that has been very bad for majority of emerging economies. There is a phrase that when the economy of the United States of America (USA) “coughs”, other emerging and developing economies “catch a cold”. The interventions that were made by the USA Government, especially in giving out COVID- 19 cheques to spur the economy, led to runaway inflation in the USA. For the Federal Reserve to contain the same, they have had to raise interest rates 10 consecutive times to the current level of 5.2 per cent."
}