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{
"id": 1501446,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1501446/?format=api",
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"type": "speech",
"speaker_name": "His Excellency the President",
"speaker_title": "",
"speaker": {
"id": 168,
"legal_name": "Uhuru Muigai Kenyatta",
"slug": "uhuru-kenyatta"
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"content": "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. This intervention will see a projected increase in maize production, for example, to a record 74 million 90-kilogramme bags. We have also concluded long-term agreements with 11 suppliers of assorted fertilisers to make this commodity available all year round. Fertiliser for the long rain season will be stocked in outlets nationwide ensuring our farmers are ready to plant, grow and produce. This forward momentum will not only increase our agricultural output, but also reduce our reliance on costly food imports, securing a more self-reliant and a more prosperous Kenya. This approach, rooted in my administration's policy to support production rather than subsidised consumption, has already made food more accessible and more affordable to many households. Today, Kenya boasts substantial national stocks. About 47 million bags of 90-kilogramme bags of maize are in our stores, 8.8 million bags of beans, 10.4 million bags of wheat, and 2.1 million bags of rice. Slowly but, surely, we are building a food-secure Kenya where families need not worry or worry less about their next meal. In the sugar sector, we have achieved a historic milestone. All 17 sugar factories across Kenya are operational, producing at impressive levels, while four new sugar factories are under construction. In July alone, domestic sugar production reached 84,000 The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}