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{
    "id": 1254175,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1254175/?format=api",
    "text_counter": 126,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary, National Treasury and Economic Planning",
    "speaker": null,
    "content": "Ksh2.57 trillion equivalent to 15.8 per cent of GDP, Ministerial Appropriation-ln-Aid is projected at Ksh 348.7 billion and grants are projected at Ksh42.2 billion. On expenditure projections, total expenditure in the FY 2023/24 Budget is projected at Ksh 3.7 trillion equivalent to 22.6 per cent of GDP. Of this, recurrent expenditures will amount to Ksh2.53 trillion equivalent to15.6 per cent of GDP. Development expenditures, including allocations to domestic and foreign financed projects, Contingency Fund, Equalisation Fund and conditional capital transfers to county governments is Ksh743.5 billion equivalent to 4.7per cent of GDP. Equitable share to county governments is projected at Ksh385.4billion. Hon. Speaker, I now turn to fiscal balance. Given the projected revenue and grants against the projected expenditure, the fiscal deficit is projected to decline to Ksh718.0 billion equivalent to 4.4 per cent of GDP in the FY 2023/24 from the projected Ksh840.9 billion equivalent to 5.8 per cent of GDP in the FY 2022/23. The fiscal deficit will be financed through net external financing of Ksh131.5 billion equivalent to 0.8 per cent of GDP and net domestic financing of Ksh586.5 billion equivalent to 3.6 per cent of GDP. Our medium-term fiscal consolidation policy targets to progressively reduce the level of fiscal deficit from the expected 5.8 per cent of GDP in the FY 2022/23 to 3.6 per cent of GDP in the FY 2026/27. Let me turn to public debt management. Kenya`s public debt remains sustainable but with elevated risks of debt distress due to persistent global shocks that adversely affect liquidity ratios. Kenya’s public debt remains sustainable, but with elevated risks of debt distress due to persistent global shocks that adversely affect the liquidity ratios. The depreciation of the Kenyan shilling against major currencies and the rise of interest rates have elevated cost of debt service. Further, the depreciation of the currency has increased the size of the public debt stock as half of it is denominated in foreign currency."
}