The Treasury Cabinet Secretary Njuguna Ndung’u has urged Kenyans to brace themselves for short-term sacrifices as the 2023/24 Budget is tabled before Parliament.
While speaking during an interview with Citizen TV on Thursday, June 15, CS Ndung’u stated that the government has a challenging responsibility of financing its projects as well as keeping the debt low.
“We have to have some short-term sacrifices for us to achieve the long-term. We have to sacrifice for the future,” said CS Ndung’u.
“This administration started with two extreme problems: financing constraints for projects and we did not have headroom for debt.” He added.
Moreover, Kenya’s debt presently is at Ksh.1.6 trillion and the state intends to borrow Ksh.720.1 billion more in the next financial year.
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According to the Treasury CS, the measures proposed in the bill have been thought-through and will not be punitive to Kenyans.
“All the measures that are going to be proposed will be justified and balanced. They have come from consultations,” noted Prof Ndung’u.
The Treasury boss further added that the government will also lay focus on food security and climate action to boost sustenance and lower the cost of living.
“Food security and climate change will become a focal point of our planning and investment,” he said.
“The bottom line is how to turn around Kenya’s economy, make it inclusive in terms of growth prospects, create jobs for the youth, lower the cost of living and create momentum for future growth. That is the expectation.”
Nonetheless, the budget estimated at Ksh.3.6 trillion will be President William Ruto’s administration’s first budget.
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