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{
    "id": 579167,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/579167/?format=api",
    "text_counter": 248,
    "type": "speech",
    "speaker_name": "Hon. A. B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Yes, Hon. Temporary Deputy Speaker. I have counted and seen that we are only five. But I hope next time we will do better. When the Jubilee Government had the right and appropriate policies and structural reforms in place our economy expanded by 5.3 per cent in 2014. The projection for this year is between 6.5 and 7.0 per cent. It is important to know that the Kenyan economy is one of the fastest growing economies in the region and in Africa. This is because the Central Bank of Kenya, the National Treasury, the private sector and the Government are all geared towards sustaining a macroeconomic stability. Late last year and this year, our economy encountered serious challenges. There were terrorist attacks, few tourist visits due to negative travel advisory and unfavorable tea prices. Above all, we had a very weak global economy. What is happening in Greece, Europe and America, and the falling prices of oil affect our economy. Currently, I am sure the Government is coming up with strategies to address those challenges. This Bill deals with taxation measures proposed in the Finance Bill of 2015. If the House agrees, the proposals are aimed to accelerate the growth of economy and reduce the cost of doing business. I want to thank the House and the Departmental Committee on Finance, Planning and Trade in which you are a Member for ensuring that both the Insolvency Bill and the Companies Act are under final completion. The Finance Bill also aims at creating employment for our youth and lower the cost of living for Kenyans. The proposed measures will go through the final stage. There are many key issues ranging from the film industry to biodigester. I am sure the Chairman will touch on the issue that touches on banks. The amount that banks should have has been increased from Kshs1billlion to Kshs5 billion by 2018. I want to agree with Hon. (Ms.) Wanga. Equity Bank started with Kshs2000 according to what Mr. Munga who is the Chairman told me. So, if we want to start a bank with (Ms.) Wanga tomorrow, we should be given the opportunity that was given to Mr. Munga. I am sure an amendment will be moved to reduce that amount. I am sure Kenyans want to join the banking sector. These proposals want to create monopoly of big multinational banks namely Barclays Bank, the Standard Chartered Bank and Equity Bank---"
}