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{
    "id": 1372711,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1372711/?format=api",
    "text_counter": 283,
    "type": "speech",
    "speaker_name": "Sen. Mumma",
    "speaker_title": "The Temporary Speaker",
    "speaker": null,
    "content": " Hon. Senators, I have a Communication on the consideration of the Budget Policy Statement, 2024 by the Senate. As you may have noted, the Senate Majority Whip has tabled the following documents- (1) The Budget Policy Statement for the financial year 2024 2025. (2) The Medium-Term Revenue Strategy for the financial year 2024/2025 to 2026/2027. (3) The Medium-Term Debt Management Strategy, 2024. (4) The Draft Division of Revenue Bill, 2024. (5) The Draft County Allocation of Revenue Bill, 2024. (6) The Draft County Government's Additional Allocations Bill, 2024. Section 25 of the Public Finance Management Act, 2012, and Standing Order No.186 of the Senate requires the National Treasury to prepare and submit the Budget Policy Statement to Parliament by the 15th February each year. Hon. Senators, the Budget Policy Statement is an important financial instrument as it sets out the broad strategic priorities and policy goals that will guide the national Government and county governments in preparing their budgets, both for the following financial year and over the medium term. It contains, among other things- (1) An assessment of the current state of the economy. (2) The financial outlook over the medium term, including macroeconomics forecasts, the financial outlook for Government revenues expenditures, and borrowing for the next financial year and over the medium-term. (3) The proposed expenditure limits for the national Government, including those of Parliament and the Judiciary, and indicative transfers to county governments. (4) The fiscal responsibility principles and financial objectives over the medium term, including limits of total annual debt. (5) The proposed Division of Revenue, including proposed additional allocations, if any. This Budget Policy Statement details the criteria used to allocate or apportion the available public resources among the two levels of Government, and the various programmes and projects. Hon. Senators, Section 25 (7) of the Public Finance Management Act, 2012 provides as follows, and I quote- The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard Services,Senate."
}