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{
    "id": 509164,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/509164/?format=api",
    "text_counter": 247,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "No, Kshs. 90 is according to the streets. I am quoting the Central Bank of Kenya (CBK) foreign exchange rate. It keeps on changing and I am sure before the end of the day, before this House rises, the exchange rate will change. It is not static. I am sure it was Kshs.89 when we did this document and I am sure it is at Kshs.90 but for record purposes, when this Parliament was setting the ceiling, the exchange rate was at Kshs.86 to US$1 and now it is between Kshs.89 to Kshs90. Two, in the second Medium Term Plan of this Government, 2013/2017, the Government is involved in massive financing to meet the cost of huge infrastructure projects for development. These include the implementation of the Standard Gauge Railway (SGR) which will externally - in a big percentage - be funded from external sources. It will also include the funding of the activities of the LAPSSET project, the pipeline, the railway, the port and the road. I am happy that for the first time in the history of Kenya, that project passes through our constituencies - Garissa Township and Mwingi Central. The 10,000 kilometer of road that is going to be done through the annuity programme which, if you allow me--- Since Independence, we have only done 14,000 kilometers of tarmac road, with three successive Governments. Under this programme, 10,000 kilometers of tarmac road will be done and distributed equitably, including the ones which were there before. The Vice-Chairman of the Departmental Committee on Transport, Public Works and Housing--- Finally, it will include the over 5,000 megawatts in the energy sector and the one million irrigation projects among many other projects. This is to say that those projects will be financed through external borrowing. The National Treasury, on behalf of the Government, sets to tap or increase the recently issued Sovereign Bonds for an amount not exceeding US$750 million, equivalent to Kshs.67 billion to finance the ongoing development projects. Further, the disbursement of the SGR loans from the Exim Bank and other external financiers is expected to accelerate the economic conditions and distribution in our country. So once that project is at its implementation stage, the condition is that we would have saved the remaining balance from the ceiling we gave to Government last year 11th January; the headroom is only Kshs155 billion. So, for those external financial institutions to support The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}