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"content": "remainder of the financial year. All these adjustments to the Budget were tabled in this House in April this year in the context of the Supplementary Estimates, which I thank hon. Members for their kind consideration and approval. Mr. Speaker, Sir, despite the lower tax collection, the significant cuts in the expenditure resulted in a fiscal deficit of 6.9 per cent of the Gross Domestic Product (GDP) in the Revised Estimates for this year compared with 7.4 per cent of the GDP in the original Budget. So, we have done well. Mr. Speaker, Sir, now turning to the Budget Estimates for 2012/2013, the total revenue estimates for the Fiscal Year 2012/2013 is Kshs956.9 billion, comprising of Kshs870 billion of ordinary revenue and Kshs84.8 billion in Appropriations-in-Aid (A- in-A) and Kshs1.3 billion in respect of Local Authorities Transfer Fund (LATF) adjustment. The total revenue estimate represents an increase of 20.8 per cent over the Budget Estimates and 18.9 per cent over the Revised Estimates for 2011/2012. As a percentage of GDP, budgeted revenues are at 24.7 per cent in 2012/2013, more or less as in the previous year. Mr. Speaker, Sir, the targeted revenue is predicated on the projected economic growth, the ongoing reforms in the tax policy and administration as well as new tax measures that I will outline later in my Statement. Mr. Speaker, Sir, with respect to expenditure, a total of Kshs1,489.9 billion, including contingency provision, budgeted for 2012/2013. Of this, gross recurrent expenditure is estimated at Kshs1,003.2 billion. This includes Kshs81.4 billion which will be financed through A-i-A and Kshs346 financed directly from the Consolidated Fund Services. The balance of Kshs575.8 billion represents discretionary recurrent expenditures. Mr. Speaker, Sir, the Consolidated Fund Services comprise of Kshs94.5 billion for the domestic interest payments, Kshs11.3 billion for foreign interest payments and Kshs37.8 billion for pensions; Kshs3.2 billion for salaries and allowances for constitutional office holders and Kshs1.3 billion for other non-discretionary expenditure. In addition, I expect to finance external redemptions amounting to Kshs26.2 billion and domestic redemptions amounting to Kshs171.6 billion. Mr. Speaker, Sir, gross development expenditure for this Financial Year, 2012/2013, is estimated at Kshs451.7 billion. Out of this amount, Kshs178.2 billion will be financed through A-in-A comprising of direct project financing of Kshs41.5 billion in the form of grants, Kshs131.9 billion in the form of loans and Kshs4.8 billion in the form of local A-in-A. Mr. Speaker, Sir, taking the above into account, I expect to finance net development expenditures amounting to Kshs273.5 billion from the Exchequer. This comprises of Kshs48.7 billion in the form of grants revenue, Kshs37.4 billion in the form of loans revenue and Kshs221.4 billion domestically financed. Mr. Speaker, Sir, total committed external grants from development partners amount to Kshs56.2 billion. Details of the donors and projects being financed are included in the Development Estimates. I wish to sincerely thank our development partners for their continued support. Mr. Speaker, Sir, with a total expenditure of Kshs1,459.8 billion, inclusive of domestic and external debt redemption as well as contingency provisions, the total expected receipts will be 1,180.8 billion, including loans and grants. The overall deficit"
}