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{
    "id": 992963,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/992963/?format=api",
    "text_counter": 239,
    "type": "speech",
    "speaker_name": "Sen. Halake",
    "speaker_title": "",
    "speaker": {
        "id": 13184,
        "legal_name": "Abshiro Soka Halake",
        "slug": "abshiro-soka-halake"
    },
    "content": "to the effect that our Gross Domestic Product (GDP) might just be growing below 2 per cent. This means that many of the economic sectors have been bashed. The agricultural sector has been heavily affected by this pandemic, as most of us can relate to. This is as a result of reduced export earnings and loss of income due to low global demand for our agricultural products and exports. We also have reduced demand for exports and declining price for commodities in the international markets, compounding the drop in tourist arrivals. Madam Temporary Speaker, the tourism industry has been literally wiped out. I do not want to go into the details because they are in the Report, which I hope the Senators can interact with. The official foreign exchange reserves held by the Central Bank of Kenya (CBK) stood at about USD8 million, but by February, it had gone down by about 5.4 per cent. Again, all the revenues from different resources have all come down. This then puts a big burden on the Kenya Revenue Authority (KRA), to the point where we may even experience a collapse in our revenue collection. We are praying and hoping the economy will not get there. Foreign remittances are also declining. As you know, most Kenyans abroad have lost their livelihoods. They are, in fact, very vulnerable, as they do not have any work. We are also seeing an overall fiscal deficit, including grants for the period. I do not want to belabour that as well because the Chairperson had eloquently done that. The current deficits are, therefore, projected to be between 4 to 4.6 per cent of the GDP, compared to 4.62 per cent in 2019. As a result, they lower international prices. The oil import bill is expected to be low and will counter balance hopefully and provide some sort of relief. Madam Temporary Speaker, there is need for the Government to then put in place measures to cushion macro, micro, small and medium enterprises and the Jua Kali sector. These are the observations of the Committee. Businesses that mostly rely on imports have scaled down and are almost earning nothing. Loss of income on account of job losses is across all sectors. Payment of pending bills is something that this House is familiar with. Madam Temporary Speaker, please, allow me to take the House to some of the observations and recommendations, so that we do not belabour. I know that every Senator lives this reality and has been following these developments. Therefore, I do not wish to take too much time just to belabour the observations. I will go straight to the recommendations we have in our Report. The first one is that the Cabinet Secretary (CS) for Industrialization, Trade and Enterprise Development gazettes regulations establishing the micro and small enterprise development fund, especially under Section 51 of the Macro and Small Enterprise Act No.55 of 2012 and present a report to the Senate within 60 days. Madam Temporary Speaker, another observation occasioning this recommendation is the fact that the small enterprises are the hardest hit. We have recommended that there should be enhanced accountability for the oversight over the The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}