Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 293459,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/293459/?format=api",
    "text_counter": 118,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "railway that was started two years ago. I have, therefore, allocated Kshs1.45 billion towards completion of the line linking the airport to the Central Railway Station. This first phase of commuter upgrade project will enable our international guests and city residents commuting through Mombasa Road to access a faster and affordable and more comfortable commuter railway service. Despite these resources dedicated towards the infrastructural projects, their implementation continues to face challenges. To overcome these past legacies, the Government will develop and institutionalize a framework for efficient and effective planning and management of public sector investment projects. We expect that with the new private public partnership legislation that will soon be coming to this House, private sector participation in the provision of infrastructure will increase thus resulting in improved infrastructure coverage and a reduction in cost of doing business. Allow me now to turn to the financial sector reforms. Strengthening financial sector regulations and coordinated supervision within and across the border is critical to building effective firewalls necessary for achieving durable and stable growth We need a stable and efficient financial sector that serves businesses and households by making credit available and at affordable interest rates in order to create the much needed jobs. To this end, we shall make the following interventions: (i) Implement consolidated supervision to enhance oversight of the banks with cross border operations. This will hinge on information sharing and coordination between the Central Bank of Kenya (CBK) and other regulators particularly in the region where Kenyan banks are expanding their footprints. (ii) Expand credit information sharing mechanism to include various providers beyond banks such as credit-only microfinance institutions and SACCOs. This will enhance credit risk management in banks and other credit providers. (iii) Expand supervisory procedures to ensure full monitoring of financial businesses driven by bank agents under the newly introduced agency banking model and through the use of mobile banking. (iv) Developing a robust legal frame for the supervision of development finance institutions such as the AFC, Kenya Industrial Estates (KIE), IDB, ICDC and KTDC. A new DFI Bill is currently being developed to facilitate reforms in this sector. (v) Implement further reforms of the Proceeds of Crime and Anti-Money Laundering Act of 2009 to seal any loopholes and include transactions under other financial sector players especially those in the insurance and capital market. Mr. Speaker, Sir, to further strengthen the supervisory capacity, safeguard stability and enhance efficiency of the financial sector regulators, the Government will shortly commence a process to establish a consolidated financial sector regulatory framework bringing together the Capital Markets Authority (CMA), the Insurance Regulatory Authority (IRA) and the Retirements Benefits Authority (RBA). Similarly, the banking supervision department will be re-established as an entity under a reviewed CBK Act with clear mechanisms for allowing coordinated and effective financial sector supervision. Allow me now to turn to security. Security, effective enforcement of law and order and protection of property are crucial for stability, accelerated growth and employment. For this reason, I have enhanced the Budget allocation for the national security sector from Kshs78 billion in 2011/2012 to Kshs83.5 billion for this year to"
}