Kenya's National Treasury has warned Parliament that failure to approve the revenue-raising measures in the Finance Bill 2024 will result in a KES 200 billion shortfall, creating a $1.6 billion financing hole for the nation, which has already sought a bailout from the IMF. To address this, Treasury has proposed significant budget cuts across various sectors. These include a reduction of KES 15 billion in the Constituency Development Fund (CDF), KES 3.2 billion from Parliament, KES 14.5 billion from the Constituency Last Mile Connectivity project, KES 18.9 billion from the Teachers Service Commission by deferring intern confirmation and hiring, and KES 15.1 billion from ongoing road projects. Additionally, the Treasury plans to cut the school feeding allocation from KES 3 billion to KES 1.8 billion, withdraw KES 3.7 billion allocated for medical interns, and reduce fertilizer subsidies. The government also plans to enforce more austerity measures in State-owned enterprises after dropping several tax proposals in the Finance Bill.
๐๐จ๐ฎ๐ง๐๐ฎ๐ฉ ๐จ๐ ๐๐จ๐ฉ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐ง๐ญ๐๐ง๐ญ [๐๐๐ฌ๐ญ ๐๐ฎ๐ง๐.]: 1. Treasury warns Parliament of a 200B shortfall if Finance Bill 2024 isn't approved. Proposed cuts will impact areas like Roads, Energy & Education. More measures of ~22B will be outlined today https://t.co/0Y6SMomfN0
Treasury warns of Ksh.200B budget cuts if Finance Bill 2024 is not approved, lists Ministries to be affected https://t.co/oLgfoJG1tJ
Staring At Budget Cuts: Treasury proposes budget cuts should Finance Bill fail Treasury proposes to suspend confirmation of JSS teachers Proposal to cut school feeding allocation from Ksh 3B to Ksh 1.8B Allocation of Ksh 3.7B for medical interns to be withdrawn Fertilizerโฆ https://t.co/aioPKV9zLX
The National Treasury now says the government will enforce more austerity measures in State-owned enterprises after dropping a number of tax proposals in the Finance Bill, 2024. https://t.co/IAAYIK6AVf
The government's new plan to make MPs pass the Finance Bill: If you Vote NO vote to the Bill, we will cut spending in some areas where the MPs & the public will feel the pinch the most: "[If this bill fails], CDF will be reducing by KES 15B which is KES 50M per constituency" https://t.co/XGRiG3Wy3H https://t.co/hvoeG5gdOt
Kenyaโs National Treasury warned that withdrawing controversial tax measures risks creating a $1.6 billion financing hole for a nation thatโs had to seek a bailout from the IMF https://t.co/Xrv5bDf0r9
Treasury warns of Ksh.200B budget cuts if Finance Bill 2024 is not approved, lists ministries to be affected https://t.co/oQ9986UA7j
Treasury has proposed budget cuts in areas that might persuade MPs not to vote against the Finance Bill. These include: โCDF: -15B โParliament: -3.2B โConstituency Last Mile Connectivity: -14.5B โTSC: -18.9B (defer interns confirmation & hiring) โOngoing road projects: -15.1Bโฆ https://t.co/YPwDHEkqWR https://t.co/1iXwi9s4R9
๐ฉ| Getting tight. Treasury has warned Parliament that if the revenue-raising measures in the Finance Bill 2024 are not approved, a KES 200B shortfall is anticipated. To address the shortfall, Treasury has proposed: โ>General expenditure cuts across the three arms ofโฆ https://t.co/B03cI52xRu