Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 662118,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/662118/?format=api",
    "text_counter": 149,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Hon. Speaker, we will be proposing additional tax measures in the following areas:- a) Promoting growth of industries and employment creation; b) Facilitating infrastructure development; c) Enhancing equity and fairness in the tax system and tax administration; d) Cushioning households’ budget to ease the cost of living; e) Strengthening financial sector stability; f) Promoting private sector growth. The Government will continue to rationalise and prioritise expenditures for maximum impact with limited resources. We will also enhance efficiency and ensure value for money. In the Financial Year 2016/17, overall expenditure and net lending are projected at Ksh2,264.8 billion (30.6 per cent of GDP), up from the estimated Ksh1,842.7 billion (28.1 per cent of GDP) in 2015/16. The expenditures in the Financial Year 2016/17 include externally funded development projects amounting to Ksh413.6 billion (5.6 per cent of GDP). Our expenditures are aimed at supporting growth while helping to crowd in the private sector to take up new opportunities. I will provide details of our expenditure plans shortly. Meanwhile, it is important to acknowledge the support from our development partners who have worked closely with us to align their funding with our national development agenda. I wish to salute all of them for that generous gesture which is a clear vote of confidence in our transformative economic agenda. On recent economic developments, we have prepared the Budget for Financial Year 2016/17 against a backdrop of slower global growth and increased uncertainty. The pace of many countries. The impact of lower commodity prices on commodity importers is less positive than expected and commodity exporters have to adjust their economies in a more difficult environment. World growth, therefore, slowed from 3.4 per cent in 2014 to 3.1 per cent in 2015 and is estimated at 3.2 per cent in 2016. Growth in Sub-Saharan Africa weakened from 5.1 per cent in 2014 to 3.4 per cent in 2015 and is projected to decline further to 3.0 per cent in 2016. The slowdown primarily reflects the decline in commodity prices as well as lower demand from China, the largest single trading partner of Sub-Saharan African countries. In addition, the region’s frontier markets are adversely affected by tighter global financing conditions. Sub-Saharan African region growth is projected to pick up to 4.0 per cent in 2017, driven by sustained infrastructure investment; buoyant services sectors, strong agricultural production, rebound in commodity prices and timely policy implementation. Hon. Speaker, on domestic scene, our economy remains resilient and registered relatively strong growth amidst the global economic slowdown, thanks to the ongoing infrastructural investment, increased investor and consumer confidence and improved agricultural production. Today"
}