KENYA TO UNVEIL ITS LARGEST BUDGET IN HISTORY
Posted on : Tuesday, 16th June 2015
The budget which is a 17 per cent increase from that of the fiscal year 2014/2015 is expected to strike a balance between support for rapid economic and inclusive growth. The government is anticipating the economy to grow by 7 per cent this year bolstered by low global oil prices and it infrastructure projects. Kenya is emerging as one of East Africa’s developing hubs mainly because of its firm growth largely due to its infrastructure investments. The country has been driving to improve its rail and road infrastructure a vital key to unlock its growth and economic development. During the country’s 2014/2015 budgetary allocation, the government set aside a huge chunk in its national budget for infrastructure.
The country’s 2015/2016 budget which has been prepared during a slow global recovery will focus on economic growth and sustainable development. According to the latest report from the treasury, resources will be allocated to key projects so as to drive inclusive growth. From food security and agriculture, transport and logistics, flood control and water harvesting to enhanced security, the government hopes that this budget tackles issues affecting the nation.
This financial year, the government is keen to focus on security following incidences of terror attacks and threats from Somali insurgent group ,Al-Shabaab. According to reportsthe sector will receive increased allocation of resources. Already 112.5 billion Kenya shillings has been put aside for military security and another 102.4 billion Kenya shillings for the internal security.
Source : CNBCAFRICA.com
