16.6 C
Nairobi
Tuesday, September 26, 2023
Home News Updates TREASURY TO RUSH BUDGET PROCESS AS ELECTION YEAR DAWNS

TREASURY TO RUSH BUDGET PROCESS AS ELECTION YEAR DAWNS

The National Treasury is set on fast-tracking the budget making process as the 2022 General Election dawns.

For instance, Kenyans will have a view of the next proposed taxes (the Finance Bill) by the end of January.

In a notice, the exchequer confirmed the budget making process for the 2021/22 financial year will start in August as opposed to its usual starting time in September.

“Cognizant that year 2022 is an election year, there is need to fast-track the National Fiscal budget process to ensure smooth government operations. It is therefore imperative that the process of preparing the 2022 Finance Bill begins early enough to ensure that the Finance Act, 2022 is enacted before Parliament breaks in preparation for the General Elections,” read the notice.

Subsequently, the Planning Ministry has opened for proposals from the public and private sectors on economic policy measures, to be integrated in the upcoming budget cycle.

Recommendations to be embedded in the budget require to resonate with the Economic Recovery Strategy (ERS) which aimed at steering post COVID-recovery plans.

Treasury will accept proposals no later than August 30.

According to estimates contained in the 2021 Budget Policy Statement (BPS), next year’s budget will sit at a record Ksh.3.9 trillion surpassing the just adopted Ksh.3.6 trillion spending plan for the 2021-22 financial year.

Net spending in the period is projected at Ksh.3.2 trillion while debt redemption stands at Ksh.715.7 billion.

The budget is expected to be financed from Ksh.2.4 trillion in total revenue and Ksh.775.3 billion in net loan financing.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Watch Videos And Subscribe On Our Channel Special4uTV

https://www.youtube.com/@Special4uTV https://youtu.be/-iwDgQHEGBw   https://www.youtube.com/watch?v=Lz7hbB6xhfc      

Diamond Platnumz performing at Wasafi Festival

https://www.youtube.com/watch?v=ahlNZMgNxwE

Celebrating Mr. Victor Opiyo Okello: Global Environmental Stewardship Honor 2023 Recipient

Recognizing Remarkable Leadership in Environmental Conservation and Youth Empowerment Gurugram, Haryana 4th August 2023– We are thrilled to announce that Mr. Victor Opiyo Okello, the...

The Word’s Lagest Ship “Icon Of The Seas”

A vessel that’s set to be the world’s biggest cruise ship has completed construction at a shipyard in Finland and has made its first...

Recent Comments

%d bloggers like this: