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{
    "id": 304742,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/304742/?format=api",
    "text_counter": 295,
    "type": "other",
    "speaker_name": "",
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    "speaker": null,
    "content": "Madam Temporary Deputy Speaker, I wish to state that it is true that the A-i-A which the Ministry has been collecting was converted into revenue with effect from 2011/2012 financial year, and a receiver of revenue has since been appointed for that purpose. (iii) It is true that most Ministries have received low Exchequer issues or development funds in the first quarter of 2011/2012 financial year. As indicated above, Exchequer issues to Ministries and departments are based on cash projections drawn against work plans, procurement plans and payment instructions to the CBK. Usually, most of the Ministries are not able to absorb funds in the earlier part of the year because their procurements are yet to be finalized. (iv) On inflation, I wish to state that the Government has not moved away from its commitment of keeping inflation at the single digit level. However, it is true that there was inflation due to high food and fuel prices associated with the drought at the first half of 2011, and the high international oil prices. During this period, also electricity tariffs increased and the country had to resort to use of expensive thermo-generated electric power, following reduced hydro-power as water levels in the dams were adversely affected by the drought. In addition, the weakening of the shilling against convertible currencies during this period also exacerbated the inflation pressures. Finally, there was also demand pressures associated with faster growth in bank credit to the private sector. To rein in on inflation, the CBK has taken measures to tighten monetary policy, while on the fiscal side, the Government has taken austerity measures to contain Government expenditures. (v) I wish to confirm that I have been faithful in disbursing funds to Ministries and departments on the basis of the appropriations by Parliament. It is also important to know that the Consolidated Fund cannot be overdrawn and no cash can be drawn from the Consolidated Fund without the approval of the Controller of Budget. I thank you, Madam Temporary Deputy Speaker."
}