Charles Reubenson Kibiru

All parliamentary appearances

Entries 211 to 220 of 538.

• 25 Feb 2021 in Senate: Thank you, Mr. Speaker, Sir. I beg to move the following Motion - THAT, the Senate adopts the Report of the Standing Committee on Finance and Budget on the 2021 Budget Policy Statement and Medium Term Debt Management Strategy, laid on the Table of the Senate on Wednesday, 24th February, 2021, and pursuant to Section 25(7) of the Public Finance Management Act and Standing Order No.180(7) of the Senate, approves the 2021 Budget Policy Statement. Mr. Speaker, Sir, as it is the tradition, every other year before the budget is read, we go through this process. From the onset, I ... view
• 25 Feb 2021 in Senate: It came out from various Senators that sometimes our recommendations are not taken seriously. Therefore, it is important we do something that goes into history that we made serious insights or comments into the way we would want the budget of the economy of this country to run. As a Committee, we are proposing an amendment to Public Finance Management Act, 2012, with a view of increasing the days given to this process from 14 to 28 days. It is very important we start from the onset declaring that. Mr. Speaker, Sir, having gone through the BPS and the Debt ... view
• 25 Feb 2021 in Senate: favourable weather and on-going investment in strategic priorities of the Government under the Big Four Agenda. One of the issues that came up when the Big Four Agenda is mentioned is that every other stakeholder, other than the National Treasury, were asking what are the milestones that have been made so far on the Big Four Agenda. What is it that we can say, feel and touch as a result of the Big Four Agenda? It is not Sen. Charles Kibiru, the Chairman, who is asking that, but it is the stakeholders who are casting doubt that the National Treasury ... view
• 25 Feb 2021 in Senate: Mr. Speaker, Sir, on interest rates, the Committee notes that monetary policy measures adopted by the Central Bank of Kenya (CBK) during the pandemic such as the reduction in the cash reserve requirement from 5.25 to 4.25 and reduction of the CBK 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. view
• 25 Feb 2021 in Senate: rate from 8.25 per cent to seven per cent did not meet the objective of lowering the cost of borrowing for the private sector. Mr. Speaker, Sir, for some of us who talk to the business community, including the people in the banks, the banks still feel constrained by some of the administrative rules by the CBK because they are unable to lend to the business community, so that the business community can inject the same into their businesses, and consequently get the economy moving forward or growing. Therefore, there is something there that we need to look at. Having ... view
• 25 Feb 2021 in Senate: Mr. Speaker, Sir, looking at the external sector, like we mentioned, in 2020 there was some improvement in the current account deficit, from -5 per cent to -4 per cent as a share of Gross Domestic Product (GDP). The Kenya Shilling, unfortunately, depreciated significantly relative to other major currencies in 2020. It depreciated by nine per cent, 14 per cent and 21 per cent against the Dollar, Sterling Pound and the Euro respectively, between February, 2020 and January, 2021. view
• 25 Feb 2021 in Senate: The Committee observed that the 2021 Medium Term Budget Framework following a fiscal consolidation policy to strengthen the debt sustainability position in the 2021 budget framework indicates a higher allocation Kshs3 trillion than the overall total budget for the 2021, which is Kshs2.775 billion. The major increase is in the Consolidated Fund Services, which has a positive change of 19 per cent due to mainly public debt service expenses. view
• 25 Feb 2021 in Senate: Mr. Speaker, Sir, revenue projection, as earlier stated, including Appropriation-in- Aid in the Financial Year 2021 is expected to be about Kshs2 trillion, that is, 16.4 per cent of GDP vis-à-vis Kshs1.8 trillion, which is about 16.6 per cent of the GDP last year. The revenue is further expected to improve in the medium term to Kshs3 trillion. We are talking about a US$300 million economy. The expected increase in revenue collection will be aided by measures such as revamping the audit function, which needs surgery and an enhanced debt programme. This is according to the National Treasury, which some ... view
• 25 Feb 2021 in Senate: issues presented here or they have put in pen and paper, we would want them to walk the talk. We would want clarity on how they will be implementing these issues. view
• 25 Feb 2021 in Senate: On the Medium Term Debt Management Strategy, like we mentioned, the 2021 Debt Management Strategy (DMS) tabled in the Senate proposes an optimal strategy that minimizes costs and risks of public debt. It suggests a borrowing framework of 57 per cent from net external borrowing and 43 per cent in net domestic borrowing. The strategy is underpinned by the need to move away from high interest cost of domestic debt. This country and the economists in this country need to be innovative. I remember the National Treasury called us for breakfast at Serena Hotel, where they were presenting a post ... view