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{
    "id": 1382829,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1382829/?format=api",
    "text_counter": 83,
    "type": "speech",
    "speaker_name": "Sen. Ali Roba",
    "speaker_title": "",
    "speaker": null,
    "content": "It entails- (a) Assessment of the current state of the economy, including macroeconomic forecasts as well as the priorities of the Government’s current pillars of growth and strategic directions that it is going to take. (b) It also includes the financial outlook with respect to Government revenue, expenditures and borrowing opportunities within the medium term in order to make sure that the budget is appropriately financed. (c) The proposed expenditure ceilings for the national Government, including those of Parliament and the Judiciary and indicative transfers to County Governments. (d) The fiscal responsibility principles and financial objectives over the medium- term, including limits on total annual debt. Mr. Speaker, Sir, the Committee held public participation with various stakeholders including- (a)The National Treasury and Economic Planning; (b)The Commission on Revenue Allocation (CRA); (c) The Council of Governors (CoG); (d)The Institute of Certified Accountants of Kenya (ICPAK); (e) The International Budget Partnership-Kenya Chapter; (f)The County Assemblies Forum (CAF); and, (g)The Institute for Social Accountability (TISA). The theme of the 2024 Budget Policy Statement (BPS) is sustaining the Bottom- Up Economic Transformation Agenda for Economic Recovery and Improved Livelihoods. With respect to the macro-fiscal framework, the National Treasury projects that in 2024, the economic growth will be approximately 5.5 per cent. This growth is attributed to both the agriculture sector’s performance owing to two successive rainy seasons that performed very well. The overall inflation is expected to remain within the target range of 5 (±2.5) per cent in the medium term. With respect to the exchange rate, the Kenya shilling depreciated by 19.3 per cent against the US$ and 23.4 per cent against the Euro between June 2022 and June 2023. Thus, adversely affecting inflation levels and increasing the stock of debt by over Ksh800 billion. However, it is worth noting that as at 20th February, 2024, the Kenya shilling’s value compared to major global currencies had increased, appreciating by 10.8 per cent against the US$, 10.9 per cent against the Sterling Pound, and 10.8 per cent against the Euro. While mentioning this, it is worth noting that whether this appreciation is a temporary spike or a sustainable programme is yet to be seen. Regardless, it has sent a positive signal in the money market. Our shilling is performing well. Hopefully, this will be sustained. Mr. Speaker, Sir, the ordinary revenue in the Financial Year 2022/2023 grew by approximately 6.4 per cent (in the Financial Year 2021/2022 ordinary revenue was Kshs1.917 trillion, and in the Financial Year 2022/2023 it grew to Kshs2.041 trillion). The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Director, Hansard Services, Senate."
}