Reading of the 2023/24 Budget Policy Statement
The National Treasury and Economic Planning Cabinet Secretary Prof. Njuguna Ndung’u this afternoon read the 2023/24 Budget Policy Statement.
The theme of this year’s Budget is “Bottom-Up Economic Transformation and Climate Change Mitigation/Adaptation for improved Livelihoods of Kenyans.” This is the first Budget since the Kenya Kwanza administration came into power.
The Government will scale up implementation of policy priorities under the Bottom-Up Economic Transformation Agenda as detailed in the 2023 Budget Policy Statement and the Fourth Medium Term Plan currently under development that will guide attainment of the development objectives as well as the continuation of the Kenya Vision 2030 and the Sustainable Development Goals.
The Agenda is geared towards Economic turnaround and inclusive growth with special focus on interventions that: reduce the cost of living, increase employment, incentivize investment and production, achieve more equitable distribution of income, enhance social security, expand tax base for more revenue and increase foreign exchange earnings.
The budgetary process for the priority programmes under BETA was undertaken through a value chain approach under five clusters. Kshs.278.7 billion has been allocated in the FY2023/24 under the five clusters. Governance and Public Administration Kshs.10.6 billion, Finance and Production Economy Kshs.35.2 billion, Environment and Natural Resources Kshs.15.3 billion, Infrastructure 122.1 billion and Social Sectors 95.5 billion.
The Cabinet Secretary was accompanied by his two Principal Secretaries Dr. Chris Kiptoo and James Muhati among other senior officers from the National Treasury and Economic Planning.