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{
    "id": 376080,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/376080/?format=api",
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    "content": "online. Trading is now real time. Previously, people used to congregate on the second floor of Nation Centre but now, people can do transactions online. I am, therefore, of the view that capital markets need to be strengthened. We need to expand them so that we have cross-border listing. Presently, Kenya is negotiating a treaty with EAC members. I am of the view that once we have EAC in place, our capital markets are going to be very strong to the extent that more corporates are going to list in our capital markets. Another view which I hold is that micro-finance or small entities ideally ought to be listed in the capital markets so that they can mobilize more funds. We need to rope-in the co-operative societies. We have big co-operative societies in this country. When you go to the CBD of Nairobi, you will realize that most buildings are owned by co-operative societies, which have a lot of money. However, they are unable to mobilize more funds because they cannot access the capital markets. We need to have a situation where those who are managing the capital markets are brought before this Parliament for vetting purposes. We had a very successful CEO of CMA but, on the other hand, it is not a position that would require the would-be occupiers to come before this House for vetting. The appointment is made by the Minister for Finance. I am of the view that we need to involve this House in the appointment of the CEO. With regard to Capital Markets Authority (CMA), I would like to say that it is the kind of money or liquidity that is required by companies which are listing in it. That money, in my humble opinion, is too much. I propose that we reduce it so that we have more and more middle income companies listing in the CMA. I think this amendment is good because it expands the economy of this country. Hon. Temporary Deputy Speaker, the Jubilee Government has really performed. Within four months, we have seen a stabilized macro-economic environment. We have also seen the share index stabilize. In fact, I foresee a situation where after five years of the Government of Uhuru Kenyatta and hon. William Ruto, we shall cross the double digit economic growth rate. I also foresee a situation where the unemployment rate will be reduced drastically. This is the only Government that has been able to come up with very good principles to face the trade unions; something we have never witnessed for very many years. I foresee, for instance, the demands of the teachers being addressed in full or will be completed next year, so that we do not have teachers going on strike again. I also foresee the economy of this country booming with the good presidency of Uhuru Kenyatta and hon. William Ruto."
}