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{
    "id": 1354274,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1354274/?format=api",
    "text_counter": 100,
    "type": "speech",
    "speaker_name": "Kiharu, UDA",
    "speaker_title": "Hon. Ndindi Nyoro",
    "speaker": null,
    "content": "Within agriculture, I have good news for Kenyans who do sugarcane farming. We added close to Ksh2 billion into sugar reforms which will help our factories to procure sugarcane using sucrose level. We have also input close to Ksh1.5 billion for payment of arrears of sugarcane farmers who are owed monies for sugarcane that they have already provided. We also have good news for farmers of Kenya who are engaged in coffee production. We have added Ksh4 billion into coffee farming, and specifically into the Coffee Cherry Advance Revolving Fund, so that the farmers of Kenya who do a marvellous job, in terms of balancing our payments, are able to produce more coffee. That is why we have recapitalised the Coffee Cherry Advance Revolving Fund with Ksh4 billion. There is much more that we have done in these Supplementary Estimates because we believe that a country that is run by people is dynamic. We made the Budget in June but a lot has happened. Therefore, we needed to align the government resources to go into areas that we deem are much more effective in turning inputs into outputs. Agriculture has been seen to be part of that. The budget-making process affects the entire economy. It is important that I highlight one area that Members have been asking about. Why is our currency decimated? Why is it on the receiving end with regard to other global currencies? For the last eleven times that the Federal Reserve of the United States of America (USA) has met, they have consistently been raising interest rates. In January, 2022, the Federal Reserve rate in the USA was 0 per cent to 0.25 per cent. They have then raised interest rates for eleven consecutive times up to the now 5.25 per cent to 5.5 per cent. How is that related to the Kenyan shilling? When the USA raises interest rates, there is capital flight from all the other emerging economies like Kenya and the rest. We have seen a lot of capital outflows from emerging economies like Kenya. The investors going to the USA do not need to worry about currency devaluation. 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."
}