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{
    "id": 420281,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/420281/?format=api",
    "text_counter": 272,
    "type": "speech",
    "speaker_name": "Hon. Nyenze",
    "speaker_title": "",
    "speaker": {
        "id": 1987,
        "legal_name": "Francis Mwanzia Nyenze (Deceased)",
        "slug": "francis-mwanzia-nyenze"
    },
    "content": "I will not take a lot of time talking about the recommendations of the Budget and Appropriations Committee and the very good highlights talked about. They have done a good job, but I want to talk about areas to be tackled. We know there is global economic slowdown where we normally get business from, like Europe, where we get tourists from and where we export our flowers to; the economies have slowed down. Consequently that has affected Kenya’s economy, but because we want to grow this economy so that everybody gets a cake, including our children, we need to do something. I think the challenges we face are: How do we grow the economy to double digits so that we do not retrench? Instead of retrenching, we create employment and instead of pay cuts, we increase salaries. As ably presented by hon. Rev. Mutava Musyimi, the first major question is the public debt. In the last ten years, this country has borrowed both externally and internally to an extent that we have almost reached the limit. It is a big challenge because if the GDP ratio goes past 50 per cent, which country can survival on that? The country cannot grow and nobody will be willing to put their money here because very soon, if that is not checked this country will grind to halt and then you will see people in the streets. Hon. Temporary Deputy Speaker, I just want to say that taxation regime in this country has been a hindrance to foreign investment. Very many foreign investors, who would have put their businesses here to create employment and wealth, are saying: “We better do it in Rwanda or Tanzania”. This is because they are taxed less in those countries. I hope this will help grow the economy. If these companies are helped to set a base here, and if they are not heavily taxed, we will attract foreign direct investment."
}