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{
    "id": 732847,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/732847/?format=api",
    "text_counter": 81,
    "type": "other",
    "speaker_name": "",
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    "speaker": null,
    "content": "Fellow Kenyans, in spite of this good macro-economic performance, there are still, however, too many Kenyans who are struggling to make ends meet, to find jobs and to support their families. Wananchi want to know what these economic indicators mean to their lives. They cannot relate to how GDP impacts on the price of unga or what the stability of our currency means for them at the end of every month. Many of our citizens are wondering why their children are still struggling to find jobs. Others are worried that the Government debt might be too heavy a burden for our economy to carry. Our small and medium-sized enterprises (SMEs) are complaining that they do not have access to credit in spite of the fact that the cost of credit in Kenya is the most affordable in the region, after the capping of commercial bank interest rates in September of last year. Many Kenyans are frustrated at the seeming lack of progress in the fight against corruption. These concerns are legitimate and they are questions that every citizen is entitled to have been answered by their Government. Addressing them is of utmost importance to me. Let me start by addressing the question of our public debt. Fellow Kenyans, our debt is about 50 per cent of our GDP. Of that amount, less than half of it is in foreign currency. Our debt has grown almost proportionally to our GDP. Every year, since the start of my administration, we have consistently made adequate budgetary provisions to service the debt. I want to assure every Kenyan that, at no point has the country been at risk of default or shown any inability to pay its creditors. The borrowing that my administration has undertaken, both from domestic and international creditors, has been solely to finance the most aggressive development agenda in Kenya’s history. The evidence of a greatly expanded transport infrastructure, increased energy production, increased access to electricity and improved security are plain for all Kenyans to see. As a responsible Government, serious about creating jobs, we must have the right environment to attract investment. That investment, in turn, will lead to jobs and end poverty. It will bring new economic opportunities across the country, especially to previously marginal areas such as Marsabit and Turbi, amongst others. I assure every Kenyan that all the funds borrowed will continue to be put to good use. Like a farmer who must sow their seeds before they can expect a harvest, our investment in infrastructure will be the seed that will produce the harvest of faster economic growth and more jobs for our people. Kenyans are ready and anxious for an economy that is world class in attracting the investment that will turn us into a manufacturing powerhouse. My administration understands the scale of change our people need to improve their lives and thus our aggressive investment. At core, let us remember that those investments are for Kenya’s future. On the issue of access to credit for SMEs, it is unfortunate that the unintended consequence of the capping of interest rates was a slow-down in lending by our commercial banks. This is an issue that concerns us and is one that I am actively seeking to resolve so that credit can start to flow again to the real drivers of our economy. Hon. Members, the leaders of the world’s most prosperous and powerful countries have come to visit Kenya. They came to witness a country on the rise, and to engage with an administration that they believe shares in their vision for a stable and prospering global economy. We have discussed with them and agreed on joint measures to take in The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate"
}