![]() |
Cabinet Secretary for the National Treasury Henry Rotich. [PHOTO: FILE] |
NAIROBI, Kenya: Following are highlights from the budget speech by Kenya's Cabinet Secretary for the National Treasury, or Finance Minister, Henry Rotich for the 2014/15 fiscal year starting in July.
The budget announcement is coordinated across the East African Community, which also includes Tanzania, Uganda, Rwanda and Burundi.
GROWTH
"On the domestic front, growth prospects remain strong and resilient due to continued implementation of bold economic policies and structural reforms as well as sound economic management."
"Prudent economic policies have helped anchor the conditions for strong and stable growth."
"We have been able to anchor inflation expectations down."
"We forecast our economy to grow by 5.8 percent and 6.4 percent in 2014 and 2015 respectively."
SECURITY
Rotich said enhancing the nation's security was vital for the economy to grow and create jobs. He outlined spending on the security forces and intelligence services.
"Without security the economy will not grow."
DEFICIT
Outlining revenues and spending, taking into account commitments from international development partners, the minister said: "This will leave a deficit of 190.8 billion Kenyan shillings ($2.18 billion) equivalent to 4.1 percent of GDP, which will be financed by net borrowing from the domestic market."
"The government's borrowing plan remains anchored in the medium-term debt management strategy."
"The government will ensure that the level of domestic borrowing does not crowd out the private sector given the need to increase private investment."
HIGHLIGHTS
Stay informed. Subscribe to our newsletter