{"id":37080,"date":"2021-10-13T17:16:57","date_gmt":"2021-10-13T17:16:57","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=37080"},"modified":"2021-10-13T14:56:08","modified_gmt":"2021-10-13T14:56:08","slug":"yatani-walks-a-tight-rope-in-2022-23-budget-preparation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/yatani-walks-a-tight-rope-in-2022-23-budget-preparation","title":{"rendered":"Yatani walks a tight rope in 2022\/23 budget preparation"},"content":{"rendered":"

Africa-Press<\/a> – Kenya<\/a>. <\/strong><\/span>National Treasury is considering major budget cuts in the next budget to tame Kenya’s ballooning debt.<\/p>\n

Post-Covid economic recovery is also a key aspect in the budget planning process that started yesterday with colection of views from the public.<\/p>\n

The budget will also have to address as President Uhuru Kenyatta’s Big Four Agenda that spills over to the next financial year.<\/p>\n

The 2022\/23 budget is estimated at Sh3.21 trillion but could be adjusted upwards or downwards.<\/p>\n

For instance in the current financial year ending June 30, 2022, the spending had been projected at Sh3.02 trillion but final budget presented in Parliament rose to Sh3.6 trillion.<\/p>\n

Among big spenders in the next financial year are expected to be education with a proposed allocation of Sh521 billion, energy, infrastructure and ICT (Sh357.7 billion), public administration and international development (Sh383.3 billion) and national security (Sh180.9 billion).<\/p>\n

The national government will take up Sh2.04 trillion with the executive allocation projected at Sh1.98 trillion.<\/p>\n

Allocation to counties is expected to remain at Sh370 billion.<\/p>\n

Speaking at the opening of the public hearing of the financial year 2022-23 and the medium term budget proposals, National Treasury Cabinet Secretary Ukur Yatani said the government is cognisant of the public concerns about the high debt.<\/p>\n

The country’s combined external and internal debt is currently at Sh7.7 trillion and according to the Central Bak of Kenya out of every Sh100 collected, Sh10 goes into debt repayment.<\/p>\n

Yatani plans to reduce fiscal deficit to 5.7 per cent from 7.4 per cent in the current financial year, meaning the need for borrowing will go down.<\/p>\n

Economic growth is projected to rebound to six per cent up from a projected average of five per cent this year, and a contraction of 0.3 per cent last year.<\/p>\n

The growth is expected to be driven mainly by the service sector.<\/p>\n

Re-opening of the economy is expected to increase ordinary revenues collected by KRA to a projected Sh2.14 trillion. This is up from the Sh1.78 trillion projected for the current financial year.<\/p>\n

Yatani said the government will focus on measures to expand the revenue base while rationalising government operating expenditure.<\/p>\n

\u201cWe cannot pretend to spend what we don’t have. We have to cut the coat according to our size,\u201d the CS said.<\/p>\n

Parliamentary Budget and Appropriations Committee chairman, Kanini Kega, said while the current budget is being formulated at a difficult time owing to the pandemic, Kenya has previously failed to have a realistic revenue projection.<\/p>\n

\u201cThis has resulted to rising of public debt and a very constrained fiscal space. Public debt is the worst enemy to any country,\u201d the Kieni MP said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. National Treasury is considering major budget cuts in the next budget to tame Kenya’s ballooning debt. Post-Covid economic recovery is also a key aspect in the budget planning process that started yesterday with colection of views from the public. The budget will also have to address as President Uhuru Kenyatta’s Big Four […]<\/p>\n","protected":false},"author":84,"featured_media":37079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6857,7003,544],"class_list":["post-37080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nYatani walks a tight rope in 2022\/23 budget preparation - kenya<\/title>\n<meta name=\"description\" content=\"National Treasury is considering major budget cuts in the next budget to tame Kenya's ballooning debt. 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