In his budget statement for the financial year 2022-23, National Treasury Cabinet Secretary Ukur Yatani said the state aims to improve economic recovery and impact livelihoods by focusing on several key areas. These include:
The government aims to provide a secure environment to protect citizens, their property and create a conducive business environment that attracts investors to the country. The state intends to increase revenue allocation to both the National Police and the Ministry of Defense to ensure sustainable security systems.
Investing in security will create a conducive business environment for local and foreign investors. This is essential, especially in the run-up to the August 9 elections.
Development of critical infrastructures
Road, rail, water and energy are the main infrastructure sectors that the state is seeking to improve during the fiscal year. These are essential to economic development since they facilitate the movement of people, goods and services and support industrial development. They also reduce the cost of doing business, improve the quality of life of citizens and the competitiveness of Kenya.
The state is also considering more public-private partnerships.
Transformation of key economic sectors
CS Yatani stressed the desire to accelerate agricultural productivity, support manufacturing, improve environmental conservation and water supply, strengthen the recovery of the tourism sector and improve the use and proper land management. Agriculture and manufacturing are among the big four and tackling these key sectors will lead to increased economic productivity.
Expand access to quality social services
Investing in health, education and other social amenities is one of the priorities the government has invested in to bolster economic recovery. The education sector received 544.4 billion shillings to support programs such as free primary and secondary education, teacher recruitment, NHIF coverage for students and teacher training.
The health sector received 146.8 billion shillings to provide universal health coverage, purchase of vaccines, free maternity care and medical equipment.
Young people, women and people with disabilities
The role of young people and women is essential in economic recovery. The government has significantly increased the allocation of revenue to the National Youth Service, the Kenya Youth Empowerment and Opportunity Project, the Youth Business Development Fund and the Employment and Education Fund. youth enterprise.
– The author is a senior tax advisor at EY. The opinions expressed here are not necessarily those of EY.