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{
    "id": 1501319,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1501319/?format=api",
    "text_counter": 49,
    "type": "speech",
    "speaker_name": "His Excellency the President",
    "speaker_title": "",
    "speaker": {
        "id": 168,
        "legal_name": "Uhuru Muigai Kenyatta",
        "slug": "uhuru-kenyatta"
    },
    "content": "due to a combination of prolonged drought, declining local productivity due to inadequate support and disruptions in the global supply chain caused by the war in Europe. Kenya faced a crossroads of extremely difficult choices, where defaulting on our obligations would have significantly worsened an already perilous situation, and more borrowing was not an option. It was, therefore, essential for us to drastically reduce expenditure, mobilise as much as possible resources domestically and curtail waste. As I informed the nation then, matters would get more difficult before they could get better and we all had to tighten our belts and work hard under unforgiving conditions. We had staked the fate of our ambitious Bottom-up Economic Transformation Agenda (BETA) on easing the stress that the economy was in and the strain citizens underwent while creating room for implementing our transformative interventions. Hon. Members, I give this background to underscore two very important facts. First, we have not been watching helplessly and doing nothing as adversity took a toll on the economy and undermined the livelihoods and well-being of the people. On the contrary, we have been working tirelessly to steer the country away from the brink of unprecedented economic collapse and onto a more promising trajectory. The second point is that while we may not be where we would like to be, we are certainly not where we were two and a quarter years ago. At the same time, the cost of living was substantially high, with prices of basic commodities beyond the reach of many households. Today, I am proud to report that the macroeconomic indicators point to a positive turnaround and an upward trajectory. Allow me to highlight a few milestones that underscore this progress. The shilling has stabilised significantly, appreciating from Kshs162 to the dollar in February 2024 to Kshs129 today, a remarkable gain of 20 per cent. This recovery has restored confidence in our financial markets and significantly reduced the cost of servicing external debt, creating physical space for our development imperatives. Inflation has declined dramatically from 9.6 per cent in September 2022 to 2.7 per cent in October this year, the lowest rate in 17 years. This achievement has been the consequence of favourable weather and our deliberate efforts to support farmers with affordable inputs, including subsidised fertiliser, leading not only to increased production, but also productivity and lowering the prices of many cereals, including maize and pulses, such as beans and peas. Our foreign exchange reserves have surged by US dollars 2.4 billion to hit a new record of US dollars 9.5 billion, providing a 4.8 month of import cover, the highest in 10 years. This resilience shields us from external shocks in the global economy and restores investor confidence. Ladies and gentlemen, interest rates are also trending downwards, reducing borrowing costs and freeing up fiscal space for growth-enhancing initiatives by businesses. Tax revenues have grown by 11.5 per cent in the year to June 2024, reflecting the success of our tax-base expansion measures. The economy continues to grow steadily, recording a 5.6 per cent growth rate in 2023 among the highest globally. We project 5 per cent growth this year and 5.6 per cent growth next year. Hon. Members, our efforts to secure food security and stability are already bearing fruit. Since February, we have distributed subsidised fertiliser to 6.45 million registered farmers in 45 counties, enabling them to increase their yields. This year, we have procured and through e- vouchers distributed seven million bags of both planting and top-dressing fertiliser to boost food production across the country."
}