Cabinet Secretary for National Treasury and Economic Planning Njuguna Ndung’u today officially launched the public hearings exercise for the FY 2023/24 Budget at the Kenyatta International Convention Centre.
The CS highlighted the advantages of public participation in the budgeting process and emphasized its significance.
“Public participation in the budgeting process is an important requirement under our Constitution, and it is essential for creating an endogenous ownership of the development programs and for identifying the development needs of the stakeholders,” said Ndung’u.
“It helps in promoting inclusivity in the budget-making process, thus enhancing greater ownership and participation of Kenyans in subsequent program implementation, and it allows harmonization of government interventions, minimizes duplication of efforts and wastage of resources,” he added.
He also acknowledged the economic challenges facing the world and Kenya, including supply disruptions, debt, and the effects of climate change.
“The FY2023/24 Medium-Term Budget is being prepared against that background,” he said.
Ndung’u also addressed the issue of risks associated with debt, noting that the World Bank reported that the poorest nations in the world have been devoting the largest percentage of their income to debt service payments.
“Debt-related risks are on the increase for low and middle-income economies. It is on this recognition that the Government of Kenya will continue to pursue fiscal consolidation to push for a platform for debt sustainability,” he said.
He continued by saying that the government would be putting into practice a plan that would gradually reduce the overall fiscal deficit, the rate of debt accumulation over the medium term, as well as an efficient liability management approach.
The policy will be supported by enhanced revenue mobilization and instituting austerity measures on non-priority recurrent expenditure as well as redirecting resources to finance priority growth-supporting programs.”
Ndung’u also mentioned that the IMF’s most recent forecast indicates that global growth will resume in 2023 and that Kenya’s GDP will grow by 5.8 percent that year, which is somewhat slower than the growth rates seen in recent years.
He emphasized that the government will be working to achieve sustainable and inclusive growth and that the FY 2023/24 budget will take into account the challenges that are anticipated to be faced in the economy.
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