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{
    "id": 556164,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/556164/?format=api",
    "text_counter": 212,
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    "content": "The enhanced allocation to these areas demonstrates, without doubt, our unwavering commitment to secure the lives and property of Kenyans. Hon. Speaker, with this kind of investment, the response to terrorism attacks will be swift and uncompromising. These investments are essential for our nation and it must work. Even as we prioritise the security sector, maintaining macro-economic stability remains paramount in sustaining long-term investment, economic growth and employment. It is for this very reason that we aim to strike an appropriate balance between support for rapid and inclusive economic growth and continued fiscal discipline. Hon. Speaker, the Kenya Shilling exchange rate and, indeed, most currencies in the world have recently been under pressure against the United States (US) dollar largely due to the strengthening dollar in the global currency market which is as a result of strengthened US economy and the anticipation of a tightening of monetary policy by the US Federal Reserve Bank (FRB). To avoid further pressures, which in part reflect speculative behaviour, the Central Bank of Kenya (CBK) has tightened monetary policy by raising the Central Bank Rate to 10 per cent from 8.5 per cent. This action combined with the significant level of foreign exchange reserves at the CBK which are in excess of US$ 7 billion, and our potential access to additional resources from the International Monetary Fund (IMF) should stabilise the shilling exchange rate against the US dollar. To ensure debt sustainability, we will endeavour to contain the overall fiscal deficit as well as put emphasis on efficiency and effectiveness in public spending while improving revenue performance. Specifically, fiscal policy will target revenue collection of 21.8 per cent of the Gross Domestic Product (GDP) over the medium-term and containing the growth of total expenditure. In addition, the policy aims at shifting more public resources from recurrent to capital investment so as to promote strong, sustainable and inclusive growth. Hon. Speaker, we are also reforming the tax and revenue systems to enhance revenue yields, promote compliance and facilitate private sector growth and development. To this end, I will be outlining several tax measures in the later part of my statement. I will now move to improving governance. We will strengthen the institutions mandated to fight corruption by enhancing their capacity to fight the vice and by facilitating the development and implementation of a comprehensive programme on corruption prevention and asset recovery. This should help spur efficiency, increase productivity and reduce the cost of doing business. We know very well corruption remains a challenge that continues to bedevil the nation by undermining the Government’s development agenda. To confront this 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."
}