Kenya presents US$33.92 billion fiscal budget seeking to spur economic growth

Wpid Money Growth

Kenya’s Treasury Secretary Ukur Yatani Thursday presented a 3.66 trillion shilling (33.92 billion U.S. dollar) budget for the financial year 2021/2022 in Parliament, seeking to revive an economy that has been badly hit by the COVID-19 pandemic.

“We set forward revenue-raising measures on how to fund the government,” Yatani told reporters after unveiling the country’s biggest ever financial plan in the middle of a global coronavirus pandemic.

The budget was read with the government hoping to drive an economic recovery plan to achieve a projected 6.6 percent economic growth in 2022 after a steep decline of 0.6 percent in 2021.

Yatani said the government had undertaken various austerity measures to curb its spending, especially in government ministries, including limiting foreign travel by various government officials and reducing consumption of non-essential services.

The current budget allocated the highest portion to the running of the National Executive, which has been allocated 17.5 billion dollars. The legislative arm of the government will receive 426 million dollars while the Judiciary would receive 166 million dollars.

|Yatani said the biggest threat to economic growth includes the unpredictable nature of the desert locust outbreak, which interrupted economic activity in the agricultural sector, as well as the unpredictable nature of the coronavirus pandemic, which has led to the disruption of the tourism sector.

Yatani allocated 414 million dollars to continue with the implementation of the Economic Stimulus Program launched last year. He told Parliament that the funds target to cushion vulnerable citizens and businesses particularly those affected by the COVID-19 pandemic. Enditem

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