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{
    "id": 91901,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/91901/?format=api",
    "text_counter": 271,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "GDP during the Economic Recovery Strategy (ERS). However, due to strong revenue collection, the deficit averaged about 2 percent of GDP. As a result, net domestic borrowing was reduced from 4.3 percent of GDP in 2002/2003 to about 2.2 percent of the GDP in the financial year 2006/2007 and a repayment of 0.7 percent of GDP in 2007/2008. For the financial year 2010/2011, domestic borrowing will be pegged at 3.8 percent of GDP. With improvement in macro-economic performance, Kenya faces a low risk of external debt stress although a cautious approach has to be pursued to ensure debt sustainability. During the period under review, the Ministry in collaboration with stakeholders and with a view to enhancing financial management in the public sector, carried out reforms under the following key areas:- Tax modernization, public expenditure on financial management, procurement, privatization and parastatal management, competition policy and law, financial sector restructuring and management, pensions management and business licensing. These reforms are ongoing and are at advanced stages of completion. Mr. Temporary Speaker, Sir, let me now turn to the budgetary resources available to the Ministry for the financial year 2010/2011. The Ministry has a budgetary provision of Kshs53.3 billion to cater for its programmes, projects and activities during the financial year 2010/2011. Out of this, Kshs1.3 billion will be financed through Appropriations-in-Aid, leaving a balance of Kshs52 billion to be financed from the Exchequer. These funds will be applied on the following priority areas:- The first one is the expenditure programme. The Ministry of Finance is implementing three major programmes in the financial year 2010/2011. These include the public finance management programme, which involves formulation and implementation of policies relating to mobilization, allocation and management of public financial resources and also serves as a co-ordination arm for appropriation of the annual budget in liaison with other Government Ministries, departments and agencies. The programme will require a total net provision of Kshs48.3 billion during the financial year 2010/2011. The second programme is the development and stabilization of the financial sector. This programme involves the development of a strong and stable financial sector to facilitate economic growth. This will entail supervision and regulation of the banking and capital markets, retirement benefits and insurance sectors. This programme will require a total net provision of Kshs2.1 billion during the financial year 2010/2011. The third programme is the promotion of the investment private enterprises and competition. The programme involves creating an enabling environment for private sector participation in economic development. This will entail provision of incentives to investors, implementation of regional and international economic co- operation agreements, removal of unfair trade practices, removal of barriers to trade, investment and consumer protection. This programme will require a total net provision of Kshs1.7 billion during the financial year 2010/2011. Mr. Temporary Deputy Speaker, Sir, now allow me to go to expenditure by category. The Ministry will require a net total of Kshs31.2 billion to finance its recurrent activities and Kshs20.9 to finance its development activities. The detailed breakdown of these expenditures are as follows:- Recurrent Budget"
}