President William Ruto on Thursday morning, June 13, chaired a Cabinet meeting at State House, Nairobi, ahead of the 2024/25 budget reading in Parliament.
According to a Cabinet despatch, the proposed 2024/25 budget seeks to reduce government borrowing to fund the budget.
The despatch detailed that the budget had reduced the deficit by nearly 50 percent from Ksh1 trillion in financial year 2021/22, Ksh925 billion in 2023/2024 to ksh597 million in financial year 2024/2025.
"In line with the administration's fiscal consolidation strategy, which seeks to reduce government borrowing, and in pursuit of the aspiration to achieve a balanced budget by 2027, the proposed budget consolidates these efforts by reducing the budget deficit by nearly 50%," read part of the Cabinet despatch.
The despatch further indicated that the budget policy is designed to accelerate the implementation of policies outlined in the government's Bottom-Up Transformation Agenda.
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"The key highlights of the proposal include the advancement of the realization of economic and social rights, such as; universal health coverage, freedom from hunger, education, clean water and sanitation. The budget further positions the economy for export-led growth while allocating additional resources to facilitate production and completion of ongoing infrastructural projects," read the despatch.
"The 2024/25 budget will also honour the government's commitment to nurture devolution and promote equitable and inclusive development through enhanced allocation to county governments which at now is at record Ksh400.1 billion," it added.
Meanwhile, the cabinet approved the establishment of the Kenya House Experience in Paris, France, in honour of Kenyan athletes representing the nation abroad.
The House Experience, according to the Cabinet, will showcase Kenya as the epitome of tourism, promote investment and trade, and celebrate Kenyans who have represented the nation across the globe.
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