At the outset I wish to commend the market leaders for the effort and success in taking this market to a higher level. As you may be aware, Kenya’s bond market is now regarded among the top and fastest growing in Africa and this could not have been without the strong partnerships that we have continuously cultivated.
One example is the notion of “structural budget balance” which Member States are obliged to meet. The structural budget balance is, in effect, the budget balance corrected for the effects of the business cycle. The objective of the correction is to allow fiscal policy to play its role in mitigating possible economic shocks.