Experts emphasize that President William Ruto’s administration must eliminate wastage to meet its 2024-25 budget plans. Following the collapse of the Finance Bill 2024, which proposed new revenue measures, the Treasury has faced significant budget cuts, leading to concerns over recurrent and development expenditure. The budget is set to decrease from Sh3.99 trillion to Sh3.87 trillion, impacting government spending and development projects.
Financial experts warn that without fiscal discipline, Kenya may continue to struggle with its high debt levels and ineffective spending. Calls for improved Public Finance Management (PFM) systems have arisen, as there are ongoing concerns about corruption and mismanagement of funds.
Despite the challenges, economists express cautious optimism about Ruto’s commitment to form a unity government, which could stabilize economic policies. However, delays in disbursements at the county level and inefficiencies in project execution remain pressing issues. Senators have also highlighted the need to address government wastage before making further budget cuts.
The National Treasury is working on rationalizing budget estimates and ensuring fiscal risks are managed prudently, while also planning to support businesses by prioritizing the payment of verified pending bills.
Addressing Wastage: A Call for Fiscal Discipline in Kenya
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