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{
    "id": 1355143,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1355143/?format=api",
    "text_counter": 277,
    "type": "speech",
    "speaker_name": "Kiharu, UDA",
    "speaker_title": "Hon. Ndindi Nyoro",
    "speaker": null,
    "content": " Thank you very much, Hon. Deputy Speaker. I laud this House for the policies we have been making, both on the finance front and the Budget. The budget-making process is an aspect of law making. Our country is dealing with several issues in regard to the macro-economic growth and the economy of the pocket where the rubber meets the road. There is room for improvement in terms of ensuring the standard of living for Kenyans is improving as we lower the cost of living. This is always a moving target and we are doing everything possible to contain and align this. It is also important to celebrate some of the developments in our country regardless of the economic hardships. It is important for me to mention to the House that the policies we have made have contained inflation, which is one of the parameters of macro-economics. Now, we are in a much better situation in terms of inflation compared to last year. I am saying so because inflation was almost going to double digits. But as we talk, the data we got from the Kenya National Bureau of Statistics (KNBS) last month is that the inflation is below 7 per cent. It is important for me to mention that our benchmark in terms of inflation in Kenya is 5 per cent with plus or minus 2.5 per cent, either way. So, we are doing well. We measure the inflation of food, fuel and our currency. We are doing pretty well because of the fiscal policies we have employed to contain food inflation. We have a challenge with fuel inflation and I am sure the policies that have been put in place will address this sphere. Our inflation would be much lower were it not for the gains subdued by fuel inflation especially on issues largely beyond the control of our country. On the other parameter of economic growth, it is important that I mention to these colleagues of mine who have been very instrumental in shaping the decisions we make as the Budget and Appropriations Committee that, notwithstanding the economy of the pocket that is not doing so well, Kenya as a macro- economy is doing fairly well comparatively globally. In the first quarter of 2023, Kenya’s economy grew by 5.3 per cent. In the second quarter of 2023, the Kenya Gross Domestic Product grew by 5.4 per cent. This is not just the Kenyan data but data from even the Bretton Woods Institutions like the International Monetary Fund and World Bank. In that respect, Kenya in the first quarter of 2023 was actually the 29th fastest growing economy in the world. These are things that are important to mention. I also comment that there is something that we need to do to make sure that this economic growth is felt in the pockets of Kenyans. Why are we making this Supplementary Budget? I will mention just a few points because I want to conclude in the next five minutes so that we can go to the debate. I want Members, kindly, if it is possible because the essence if this debate, is to conceptualise it. The essence of making this Supplementary Budget is: (i) To address the issue of payments of interest rates. So that we can go step by step, the real reason of having this Supplementary Budget now is because we, as a country, want to provide enough resources for the payments of interest rates. Out of the total increment of this Budget of around Ksh200 billion, Ksh145 billion is an 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."
}