The National Assembly Committee on Budget & Appropriations have commenced the exercise of interrogating Departmental Committee Chairpersons on the 2023/24 Budget Estimates on Revenue & Expenditure for Ministries, Departments and Agencies under each Committee's purview.

In the unpacking session by the Parliamentary Budget Office (PBO) on the Budget Estimates, it was noted that the 2023-24 Budget faces the unenviable task of rebalancing the economy by implementing corrective policies aimed at addressing debt vulnerabilities while at the same time using available fiscal space to implement structural policies aimed at boosting investment and inclusive growth.

On the Macro Economic outlook, the PBO said that the Budget Estimates for FY 2023/24 have been formulated on an economic growth projection of 5.6 percent which is a revision from 6.1 percent in the approved 2023 Budget Policy Statement.

It was further stated that the growth of the economy will be supported by strong performance in the service sector; ongoing public sector investments; recovery in the agriculture sector; private consumption; investor confidence and growth in exports.

Further, the priority focus is on fiscal consolidation, investment in Agriculture and MSMEs in line with BETA. 

Speaking during the meeting, the Chairperson for Budget & Appropriations Committee (BAC), Hon. Ndindi Nyoro categorically stated that priority will be given to the value chain sectors such as agriculture, aggregation centres, housing, ICT and health care  to support the growth of the economy.