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{
"id": 754901,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/754901/?format=api",
"text_counter": 180,
"type": "speech",
"speaker_name": "Mr. Rotich",
"speaker_title": "The Cabinet Secretary for the National Treasury",
"speaker": {
"id": 1242,
"legal_name": "Ronald Kiprotich Tonui",
"slug": "ronald-kiprotich-tonui"
},
"content": "collection of Valued Added Tax (VAT). We, therefore, expect to scale up the ongoing reforms in tax policy and administrative measures, to seal loopholes and ensure sustainability in domestic resource mobilisation. In addition, the estimates of revenue take into account the new tax measures that I will outline later in this Statement. Hon. Members, with respect to expenditure, a total of Kshs1,640.9 billion including contingency provision, county transfer of Kssh210.0 billion and allocation to the Judiciary and Parliament amounting to Kshs16.1 billion and Kshs19.0 billion respectively has been allocated. Of this, gross recurrent expenditure for the National Government is estimated at Kshs955.5 billion. This includes Kshs67.3 billion, which will be financed through Appropriations-in-Aid, and Kshs380.3 billion financed directly from the Consolidated Fund Services. The balance of Kshs507.9 billion represents discretionary recurrent expenditures. Hon. Members, the Consolidated Fund Services comprise Kshs110.2 billion for domestic interest payments; Kshs11.2 billion for foreign interest payments; Kshs38.2 billion for pensions; Kshs3.4 billion for salaries and allowances of constitutional office holders and Kshs1.4 billion for guaranteed debt payments and other non-discretionally expenditures. In addition, I expect to finance external redemptions amounting to Kshs.88.6 billion and domestic redemptions amounting to Kshs.127.3 billion. Hon. Members, gross development expenditure for 2013/14 is estimated at Kshs447.9 billion. Out of this amount, Kshs 201.1 billion will be financed through Appropriations-in-Aid, comprising of direct project financing of Kshs55.9 billion in form of grants, Kshs 140.5 billion in form of loans and Kshs4.8 billion in form of local Appropriations-in-Aid. Hon. Members, taking the above into account, I expect to finance net development expenditure amounting to Kshs246.8 billion from the Exchequer. This comprises of Kshs 11.5 billion in form of grants revenue; Kshs 47.1 billion in form of loans revenue and Kshs188.2 billion domestically financed. Hon. Members, these domestically financed development expenditures include Kshs3.4 billion, Equalization Fund, which will be used to provide basic services including water, roads, health facilities and electricity to marginal areas in order to bring them to national standards in line with our constitutional requirement. Hon. Members, total committed external grants from development partners amount to Kshs 67.4 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. Hon. Members, with total expenditure of Kshs1,640.9 billion (inclusive of domestic and external debt redemption as well as contingency provisions) and total expected receipts of Kshs1,284.0 billion (including loans and grants), the overall deficit amounts to Kshs356.9 billion. However, excluding the domestic debt rollover of Kshs126.1 billion from expenditures and reflecting external debt redemption of Kshs 88.6 billion as a financing item, while at the same time reflecting loan external financing in a more acceptable international standard practice, total expenditure would amount to Kshs 1,424.8 billion, thus giving rise to an overall fiscal deficit of Kshs 329.7 billion (7.9 per cent of GDP). This will be financed by net foreign financing of Kshs.223.0 billion The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}