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{
    "id": 910294,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/910294/?format=api",
    "text_counter": 262,
    "type": "speech",
    "speaker_name": "Mr. Henry Rotich",
    "speaker_title": "The Cabinet Secretary for the National Treasury",
    "speaker": {
        "id": 13142,
        "legal_name": "Henry Rotich",
        "slug": "henry-rotich"
    },
    "content": "shared economic growth, job creation at unprecedented pace and reduced poverty on a sustained basis. The Budget for 2019/2020 lays a strong foundation for achieving the President’s Big Four Agenda while at the same time addressing the following challenges facing our economy: 1. Creating an enabling environment for businesses and in particular for the micro, small and medium enterprises in order to accelerate the growth of our economy and create more jobs for our youth. 2. The need to be prudent and efficient in our spending. 3. The need to mobilise domestic resources to fund priority projects and programmes. 4. The need to reduce our fiscal deficit in order to stabilise and reduce our debt. 5. The need to implement reforms that will enhance our efficiency and make us competitive. Before addressing these issues, allow me to say a few words on the recent economic development and outlook. Our economy continues to be resilient in the midst of significant global and domestic headwinds. In 2018, our economy grew by 6.3 per cent, up from 4.9 in the previous year. The growth is the highest to have been recorded for the past eight years, and well above the Sub-Sahara African regional leverage growth of 3 per cent and the global average of 3.6 per cent, reinforcing the advantages of a diversified and reforming economy. This strong growth was attained despite the rising global trade friction among major trading partners as well as uncertainties from Brexit and renewed geopolitical risks. We project growth in 2019 to remain strong at around the same level as 2018. While there are risks associated with delayed long rains which may impact negatively on agriculture, we expect such risks to be offset by continued strong performance in non- agricultural activities such as tourism and construction. Over the medium-term, we expect growth of over 7 per cent as programmed activities under the Big Four Agenda gain traction. The risks to this outlook include escalation of global trade relations tension, rising oil prices and weather-related shocks. Should these risks materialise, Kenya’s growth focus could be constrained. However, the Government will take appropriate measures to mitigate any negative impact on growth. Let me now turn to how we are going to address the challenges facing us. The theme of this year’s Budget is “Creating Jobs, Transforming Lives, Harnessing the Big Four Plans”. This theme resonates with our strategies towards a stronger economy that will generate more employment opportunities and provide better livelihoods for Kenyans. In this Budget, therefore, we are laying a strong foundation for accelerated growth and shared prosperity. In order to achieve rapid and inclusive economic growth and expand job opportunities for the youth, we must continue to improve the business climate in order for our business sector to thrive. Therefore, we must continue to implement prudent fiscal and monetary policies in order to achieve low rate inflation, low but sustainable interest rate and a competitive exchange rate. In The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}