Parliament ready to help fight Coronavirus- Aden Duale


Following the recent Corona pandemic and its adverse effects on the Economy where countries have been put under lockdown, we anticipate a massive disruption in businesses where employees are forced to work from home. Our economy is literally driven by SME’s that absorb most of the workforce and any disruption shall have a major negative impact on the economy. The National Assembly is ready to be recalled back to facilitate any legislative proposal towards saving the economy from total collapse.

Countries all over the world have put in place Stimulus package to cushion the Economy from this scourge that portends to bring the world economy to its knees. US have set aside 1 trillion Dollars, France USD 45 billion, Australia $17.6B and New Zealand $12.1B targeting mostly businesses and affected employees.

In Kenya in spite of the raft measures put in place, there is need to cushion our Economy from this scourge. This may portend to:

Establish a stimulus package (SP) Fund to be funded by reassigning the budget and/or Establishing a Long Term Government Bonds say 50 – 70-year yields targeting blue-chip companies like Safaricom, KBL, BAT, and Banks. This institutions must support the common good for once as they have been reaping massive profits for long and any disruption has a direct impact on their business.

The SP must be prudently and transparently be managed by Reputable Audit Firms and published in the local dailies on all disbursements.

The target to be SME companies that have been paying their taxes promptly.

Banks to be directed/ ordered to wave interest on all commercial loans particularly the hire purchase scheme, SME and other vulnerable groups. Banks have continued to reap excessive profits and now need to plough back to the common good. Note additional liquidity being availed to banks through monetary instruments may not impact on the business since who will be borrowing at this time underpinned by uncertainties.

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KRA to waive taxes mainly income tax and revise the VAT due to anticipated rising costs of goods and services as a result of weakening shilling and due to no salaries to self-isolated staff working from home.

To request development partners and china to provide either loans or grants inform of medical equipment to assist in the pandemic.

To approach the Bretton Wood Institutions: World Bank and IMF for emergency support through the traffic will be excessively high as all countries may need the support and of course resources are limited.

On the social security front, the Government must put in place strategies on how to provide food, water and soap to the Kenyans living in the low-income settlements.

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