Kenya: Cabinet approves 2014/15 budget
Kenya’s cabinet have given their assent to the treasury’s proposed budget for 2014/15.
During a special gathering of the ministers on Sunday, the group reportedly approved the budget ahead of the deadline in a few days.
Reports indicate that a large percentage of the funds will be dedicated to infrastructural projects (about Sh51 billion). While youth employment, energy production, housing, food security, agriculture, security, sports and transportation takes up most of the remaining stash.
The Kenyan government has been able to save up to Sh27 billion since President Uhuru Kenyatta announced austerity measures earlier in the year, according to online sources.
Reports indicate that while the treasury continues to grapple with low rates of revenue collection, the government is under pressure to increase spending. Kenyan authorities have been critical of wasteful tendencies of the government in the past year, therefore the new budget is expected to be much smaller.
The Finance Ministry, who have revealed that the economy is expected to perform fractionally better in 2014, have also projected that the government’s spending this year would also be slightly less than in 2013.
Photo/Mwakilishi