EAST AFRICA: TANZANIA, Kenya and Uganda on Thursday tabled their 2024/2025 budgets before their respective parliaments focusing on upgrading standards of living, especially by implementing various strategic projects and providing crucial social services.
According to the East Africa Community (EAC) Treaty, finance ministers of the partners state read their budgets simultaneously, under the common theme. The EAC countries expect overall national government spending to rise in the upcoming financial year, which commences on July 1, this year.
Tanzania Minister for Finance, Dr Mwigulu Nchemba tabled 49.346tri/- budget for the 2024/2025, representing an 11.2 per cent increase from the current year’s 44.4tri/- budget.
The budget framework shows that the government will spend 33.55tri/- and 15.78tri/-for recurrent and development expenditure, respectively.
Dr Nchemba said a bulk of the public cash in the next financial year will be injected towards strategic infrastructure projects, social services and preparations for 2024 local government elections and the 2025 general election.
He added that as the nation gets ready to co-host the 2027 Africa Cup of Nations (AFCON), a significant fund has been allocated to renovation of the existing stadiums and the construction of new ones.
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In Uganda, the Finance Minister, Matia Kasaija tabled the 72.130tri Ugandan Shillings for the 2024/2025 fiscal year with an increase of 19.39tri/- Ugandan Shillings from 52.74tri/- Ugandan Shillings of 2023/24 financial year.
The Minister said the economy has fully recovered from the various internal and external shocks that impacted performance in the past four years. He said the GDP is projected to grow by 6.4-7 per cent in the next financial year, surpassing Sub-Saharan Africa’s average of 3.8 per cent and the global average of 2.9 per cent.
He said the growth will be driven by increased oil and gas activities, export growth, tourism development, agro-industrialisation and science, technology and innovation.
In Nairobi, Kenyan Treasury Cabinet Secretary (CS), Njuguna Ndung’u tabled the 3.9tri Kenyan Shillings 2024/2025 budget before the National Assembly. According to the Treasury CS, Kenya’s GDP grew by 5.6 per cent in 2023, up from 4.9 percent in 2022, surpassing the global average.
He said that the domestic growth in 2023 was driven by enhanced funding in Agriculture.
This is realised through reduction of the deficit from 1tri Kenyan Shillings in 2021/22 financial year to 925bn Kenyan Shillings in 2023/24 financial year to 597bn Kenyan Shillings in 2024/25 financial year.
The CS also pointed out that Kenyans played a key role in the budget making process during the intense public participation stage, as most of them suggested they wanted better health, as well as calling on the government to address flood effects in the country.
Mr Ndung’u said through the 2024/2025 financial year budget, the government focuses at addressing devastating effects of the ongoing floods, taxation concern and cost of living, the level of unemployment, protection of the poor and vulnerable.
Source link : https://dailynews.co.tz/eac-finance-ministers-table-2024-2025-budgets/
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Publish date : 2024-06-14 08:00:44
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