Budget Preparation Process launched

2024/25 FY AND THE MEDIUM-TERM BUDGET PREPARATION PROCESS LAUNCHED

The National Treasury and Economic Planning CS Prof. Njuguna Ndung’u has said 2024/25 Financial Year and the Medium-Term Budget will focus on the implementation of the Bottom-up Economic Transformation Agenda (BETA), geared towards economic turnaround inclusive growth and increased investments.

CS Prof Ndung’u has said five sectors with high potential impact on the economy will be prioritized, and in preparing the FY 2024/25 and the Medium-Term Budget, MDAs will be required to focus allocations towards the BETA priorities areas.

The CS spoke at the Kenya School of Monetary Studies, during the official launch of the FY2024/25 and the Medium-Term Budget Preparation Process.

He further said the FY 2024/25 and the Medium-Term Budget will be based on the Vision 2030 Fourth Medium Term Plan and build on the progress made in the previous financial years.

During the last Financial Year, the CS said Treasury disbursed 100% Equitable Share to the Counties Ksh.399.6bn, including Ksh. 29.6bn arrears carried forward from previous year.

Prof. Ndung’u said so far Treasury has released KSh. 279.6 billion Exchequer for FY2023/24 to ensure smooth implementation of planned programmes and reiterated Government’s commitment to address the policy, legal, regulatory, and governance issues as a matter of priority, to ensure optimal use of resources in execution of the planned interventions.

The purpose of the guidelines is to direct Ministries, Departments and Agencies on the processes & timelines to be followed when preparing the FY 2024/25 & Medium-Term Budget.

Also present were Treasury Principal Secretary Dr. Chris Kiptoo, who said, the Government is fully up-to-date in terms of servicing public debt even with challenges in resource mobilization. He said all MDAs have been directed to prioritize payment of pending bills in FY 2023/2024.

The PS further said in addition to the equitable share payment, the government also paid Ksh.16bn arrears for cash transfers to Orphans and Vulnerable Children (OVC) programs and  going forward, the stipend will be paid on a monthly basis as directed by the H.E. the President Hon. William Ruto.

Others present were Economic Planning PS James Muhati, National Assemby Chairman Budget and Appropriations Committee Chair Hon.Ndindi Nyoro, Public Debt and Privatization Committee Chair Hon. Abdi_Shurie, several PSs among other stakeholders.