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{
    "id": 270459,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/270459/?format=api",
    "text_counter": 346,
    "type": "speech",
    "speaker_name": "Mr. Langat",
    "speaker_title": "",
    "speaker": null,
    "content": "Mr. Speaker, Sir, we expect the CBK, being one of the top parastatals, to have professionals, systems and mechanisms of anticipating problems in the market. Even if we excuse them for failing to anticipate the problem, there is no way we can also excuse them for reacting too late. When you look at the reaction by the CBK, you will see an institution that is firefighting. They were issuing circulars day after day and week after week. In the process, the market was confused and some opportunists took advantage. I agree with one of my colleagues who said that we pay the Governor and staff of CBK so that they can monitor the market and advise the Minister for Finance and the market in general, about the happenings in the market. Mr. Speaker, Sir, I want to agree with what the acting Finance Minister said; that we cannot blame the CBK alone. I want to agree with him because even when you look at our Report, we are in agreement with that. For example, the fiscal arm of the Government which is the Ministry of Finance has issues to resolve. We have always been saying that we need to address the food problem in this country. But, unfortunately, at the time of trying to address the problem, no funding is proposed for the farmers. We want to address issues of fertilizer and prices of seed but, unfortunately, no money has been provided. But when there is hunger, we are very ready to provide money and get dollars to import food. We are in an economy where even toothpicks are imported in this country. I think the fiscal arm of the Government should also bear the responsibility so that, in the long-term, we should be able to see our Shilling stabilizing. Mr. Speaker, Sir, the Ministry of Finance, together with the CBK, must have a working formula. That is because our Committee noted, for example, that the CBK may not even have been aware that it should have intervened at some point. Therefore, I want to propose that the CBK and the Ministry of Finance must also have a clear working relationship, so that whenever there are problems, they can be addressed in good time."
}