HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept
{
"id": 193182,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/193182/?format=api",
"text_counter": 167,
"type": "speech",
"speaker_name": "Mr. Kenneth",
"speaker_title": "The Assistant Minister, Ministry of State for Planning, National Development and Vision 2030",
"speaker": {
"id": 167,
"legal_name": "Peter Kenneth",
"slug": "peter-kenneth"
},
"content": "We must have other cases of Equity Banks and Family Finance which arose from nothing to be the giants that they are today! So, when we put Kshs1 billion to be the capital for any bank, it means we are locking out those people who would like to start small. Not all Kenyans can start at the same pace. When we talk about equality, it must be giving advantage to everybody in this country to invest in whichever business he or she would like to invest in. We must, therefore, have policies that will ensure that we have more Equity Banks and Family Finances of this country to allow our own people to invest in the banking sector. Mr. Temporary Deputy Speaker, Sir, as it is today, and I know that it was tried last year when I was in the Treasury and it did not work because the House did not see it fit--- The House saw it as a way of locking people from doing business. We must ensure that the policies we have are policies that will encourage local investors to invest 1220 PARLIAMENTARY DEBATES June 18, 2008 in the financial sector of this country. Mr. Temporary Deputy Speaker, Sir, with regard to the stock exchange, I can see there are proposals to increase what is the share capital. I agree, but that is a new market. Kenyans are getting into that market. We have very few brokers. We need to encourage more brokers into that sector, so that Kenyans can get the services that they ought to get. Mr. Temporary Deputy Speaker, Sir, looking at the wage bill and the pensions bill, it amounts to nearly Kshs160 billion, which is about 27 per cent of our entire gross revenue! Yes, the services that those people are supposed to deliver---Those who are paying that service bill have issues. The Ministry ought to look at how much this country can sustain with such a huge bill. We are going to continue employment policies. We are going to continue creating employment opportunities. But how far can we do that, if we have the kind of things we had in the first three months of this year? It means that the gross revenue will come down, but the wage bill and the pension bill will remain. I do not know how much we can then hold on to it. At the moment, the crippling domestic and external debts are taking another 27 per cent of what we have. If you combine that with the wage bill, you find that money for development is hardly enough! We have to try and turn most of our resources into development, rather than recurrent. One of the ways to do that is to address, from a performance contracting point of view, what the wage bill will be and the implications of a pension in years to come, of those who are being employed now. Because we are creating a problem for the future. Finally, Mr. Temporary Deputy Speaker, Sir, I want to speak about an issue that, to me, looks like an issue that is being played to the public gallery. That is about the taxation of the allowances of Members of this House. Let it come! We do not have to make issues about it! I believe that most of the hon. Members here have become philanthropists in their own homes and, probably, contribute more than the taxes that they are going to be taxed in their own constituencies!"
}