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{
    "id": 802019,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/802019/?format=api",
    "text_counter": 76,
    "type": "speech",
    "speaker_name": "Hon. Ichung’wah",
    "speaker_title": "",
    "speaker": {
        "id": 1835,
        "legal_name": "Anthony Kimani Ichung'Wah",
        "slug": "anthony-kimani-ichungwah"
    },
    "content": "According to the macro framework underpinning the 2018/2019 Budget, the economy is projected to expand by 5.8 per cent in 2017 from 4.9 per cent in 2016 and to expand further to a promising seven percent over the medium term. The key drivers for this growth are improved agricultural performance, manufacturing activities as well as the ongoing public infrastructural investments. Stability in the macroeconomic environment is expected to strengthen this growth. Inflation is expected to remain within a target range of five per cent over the medium-term. Interest rates are expected to remain low and the exchange rate stability will be safeguarded in the medium-term. For the economic environment to continue to be favourable, it requires the country to rise up and say no to corruption. The formal sector will rebound and the fundamentals driving economic growth will be strong enough to achieve the targeted growth of 5.8 per cent in 2018 and consequently seven per cent over the medium-term. Improved agricultural performance is deemed a key driver for growth. For this to happen, the pace of implementation and governance issues surrounding the Mwea Irrigation Scheme, Galana Kulalu and Bura schemes among others need to be urgently addressed. Similarly, the challenges that hinder full implementation of the development budget in the manufacturing sector as well as the ongoing infrastructural investments and, indeed, many development projects across all the ministries, departments and agencies (MDAs) should be explicitly addressed. This calls for intensive monitoring and oversight projects by the relevant House departmental committees. In addition, the Committee urges this House not to agree to any reduction in development funding during the Supplementary Budgets as has been the case in the past and in future, to ensure that these cuts do not come in."
}