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{
    "id": 1254136,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1254136/?format=api",
    "text_counter": 87,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary, National Treasury and Economic Planning",
    "speaker": null,
    "content": "Fifth, the Government has reformed the National Health Insurance Fund (NHIF) to meet the urgent needs of Kenyans at the bottom of the social economic structure by actualising its purpose as a social medical insurance facility. In addition, the Government has committed to deliver universal health coverage to ensure that every Kenyan attains dignified health care at a minimum subscription fee. Finally, the Government has reviewed the policy on the energy sector with the aim of developing and diversifying these markets further, by improving resourcing and supply of cooking gas that inevitably has resulted in high cost that drive domestic inflation. This has allowed additional players to be licensed and set purified petroleum gas facilities. A common use and bulk storage, and even a handling facility for Liquified Petroleum Gas (LPG) will be constructed through a private sector participation framework to enhance market certainty and stability in the use of LPG. This will cut costs of handling and evacuating gas from ships to the main land and hence allowing dealers to pass through the cost of relief to consumers. In order to improve service delivery and support livelihoods and businesses as well as strengthen governance institutions, the Kenya Kwanza Government has since assumption of office, established financial inclusion Funds. This is commonly known as the Hustlers’ Fund that was set up in November 2022, to provide access to affordable credit to individuals and Medium and Small Enterprises (MSEs), and to encourage savings. This is an intervention that will remain at the bottom of the pyramid in order to access borrowing at the Fund. A customer only needs to register through his or her mobile phone. Since the launch of the first product – the Hustler Fund Personal Loan, the Government has invested a total of Ksh11 billion. This money has been revolving within the Fund providing low interest at 8 per cent per annum and so far, 16.07 million Kenyans of which 7.1 million, are repeat customers, have actually accessed the Fund. So far, Ksh30.8 billion has been borrowed from this revolving Fund. In addition to borrowing, the Fund is designed to encourage savings. To date, Ksh1.5 billion has been saved as a mandatory savings, while Ksh17 million has been saved on a voluntary basis. We have witnessed a phenomenal growth in the number of transactions that currently stand at 43.5 million. The largest number of the times a single customer borrower has borrowed from the Fund is about 50 times indicating strong traction to the Hustlers’ Fund. To further empower the SMEs, the Government on 1st June 2023 launched the second product of the Financial Inclusion Fund that is aimed at facilitating Kenyans access funding through groups. This follows the phenomenal success of the Personal Loans Product under this initiative. This will allow trending groups such as chamas and saccos. The groups can now borrow loans from between Ksh20,000 to Ksh1 million. Thirdly, we have redesigned the Competence-Based Education Curriculum (CBC) to make it responsive to our education needs. Fourthly, I have employed over 30,000 teachers in a historic and unprecedented drive to improve the national teacher-pupil ratio and enhance performance. Fifthly, the Government has introduced new funding model for higher education that will make the universities and technical trainings institutions to be fully inclusive financially, self-sufficient and also, capable of competing with their peers globally while contributing to our national socio-economic transformation. Sixthly, the Government has established the National Open University in order to make higher education inexpensive, affordable, accessible, inclusive and attainable to all. The University will create its charter before the end of this month. Seven, the Government has launched several affordable housing projects across the country transiting to about 36,000 housing units in just eight months. 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."
}