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{
    "id": 496563,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/496563/?format=api",
    "text_counter": 70,
    "type": "speech",
    "speaker_name": "Hon. Wakhungu ",
    "speaker_title": "",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "mitigating strategies being put in place. In order for mitigating strategies to be put in place successfully, you need a budget. I am anticipating budget deficit. Going further, the Report says that among the benefits that the citizens are likely to enjoy is enhanced trade and investment. Looking at the process of integration, particularly the Common Market Protocol and the Customs Union Protocol, you cannot achieve what is being said in this Report. It also mentions the reduction in foreign exchange risk, which is positively correlated to this aspect. We must go further and ask ourselves; what is the level of foreign exchange risk? It is the US Dollar which is acceptable worldwide. I am happy that the Report indicates that we can borrow a lesson from the European Union. Right now, the United Kingdom (UK) is not part of the European Union (EU). I want to agree with what KIPPRA advised. In order for the common monetary union to succeed, we must first look at the political federation. The biggest challenge that is facing the EU is that of political federation. When it comes to political federation, it is something wider. The first speakers were Members of that particular Committee. I am the first one who is outside the Committee. This is my thinking, and I want the Committee Members to help me, so that we do not rush to make decisions about which we will later on regret. We are also supposed to have had a comparative analysis in terms of trade balance. What is the balance of trade between Kenya and Uganda and between Kenya and Tanzania? The decisions that we make must add value overall as opposed to adding value on a piecemeal basis. The Northern Corridor that we are talking about is specifically about communication infrastructure. As we speak, Kenya, Uganda and South Sudan are co-operating. However, our Tanzanian colleagues are still dragging their feet, because they know their level of preparedness. Speaking as a Kenyan in terms of the currencies of the five mentioned countries, Kenya’s currency is the strongest. So, we are likely to benefit more, if we do not go for the common currency protocol. Recently, I attended a Northern Corridor conference in Uganda. I realised that the little money that was given by the Parliament of Kenya for upkeep turned out to be so much money in that country because our currency is very strong as compared to Uganda’s currency. If, today we decide to have a common currency with countries whose currencies are so weak, we will be joining the union from a disadvantaged background. Let us spearhead for the purpose of benefits."
}