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{
    "id": 158192,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/158192/?format=api",
    "text_counter": 19,
    "type": "speech",
    "speaker_name": "Mr. Kenyatta",
    "speaker_title": "The Deputy Prime Minister and Minister for Finance",
    "speaker": {
        "id": 168,
        "legal_name": "Uhuru Muigai Kenyatta",
        "slug": "uhuru-kenyatta"
    },
    "content": "Mr. Speaker, Sir, whereas I have tried to adhere to the fiscal programme presented to this House in June, 2008 the implementation of the Budget has, indeed, faced numerous challenges which have undoubtedly disrupted the original assumptions that formed the basis of the Budget. Key amongst these challenges are:- i. The slow-down in economic growth to now 3 per cent as opposed to the previously envisioned 5.8 per cent associated both with the post-election violence and the global economic meltdown, resulting in a revenue shortfall amounting to Kshs7.2 billion, ii. The postponement of the issuance of the sovereign bond for Kshs33.6 billion due to the global financial crisis, iii. Delay in the privatization process, thus denying the Exchequer the expected receipts of Kshs8 billion; and, iv. Additional requests for resources by Ministries, largely to mitigate the effects of the post election violence, prolonged drought, domestic food production and high fuel and fertilizer prices. Of the total additional requests amounting to Kshs148 billion, which I have received since July, 2008, the Treasury, working with the Ministries, rationalized and reduced this to Kshs26.1 billion. Rationalizing is mainly to cater for food and fertilizer importation, provision of subsidy on food and fertilizers to make them more affordable to mwananchi and the Kazi kwa Vijana programme is intended to provide productive employment to our youth. Mr. Speaker, Sir, arising from the above challenges, the resultant financial gap is, therefore, expected to be Kshs71 billion. To close the financing upward while ensuring that we maintain a stable micro-economic environment, we did institute expenditure"
}