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{
    "id": 1355167,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1355167/?format=api",
    "text_counter": 301,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": " Thank you, Hon. Deputy Speaker. I thank Hon. Ruku although he is stretching his luck. He wants to abrogate himself the responsibility of the Speaker to allocate who starts. He is a good man. I rise to support this Motion on the first Supplementary Estimates in this Financial Year. As the Chair and the Vice-Chair have articulated very well, this Supplementary Estimates I come against a backdrop of a very difficult time for our economy and, indeed, the global economy. Just to add to the issues the Chairman and the Vice-Chair have alluded to, and as we all know, the global economy is still in the post-COVID-19 recovery mode. This post- COVID-19 recovery has had huge ramifications on growing economies of others and ours in the developing world. That is especially informed by happenings beyond the borders of our developing economies - happenings in America, the Western World in Europe and now happenings in the Middle East with the war between Hamas and Israelis in a way that is hugely impacting the supply chain around the oil and gas sector. Because we are not an oil-producing country but an oil-consuming country, any interruption to the supply chain of oil emanating from the war between Ukraine and Russia or the war in the Middle East will have an impact on our local economy. We have seen that even with the consistent rise of global oil prices and distortions of our foreign exchange rates against hard currencies, those who understand will know that global oil prices have a huge impact on our exchange rate especially against the dollar because most crude oil and refined oil are traded in dollars. The demand for crude or refined oil in our economy in a way also helps to drive up the cost of the dollar against the shilling. As has been said, it would be worse were it not for Government-to-Government contractual arrangements that guarantee we have adequate oil supplies in our country and hedged prices and, therefore, not subject to very frequent fluctuations of oil prices in the world."
}