Economy boosters, Private Sector to be given priority in 2020/2021 financial yearJanuary 15, 2020
NAIROBI, Kenya, Jan 15 – Projects and programs that ensure higher economic and social returns will be given priority in the 2020/2021 budget allocation.
Cabinet Secretary National Treasury and Planning Ukur Yatani said this will allow the private sector to make profits and cub recurrent expenditures that have been a concern in the present financial year.
“We do not have money and we need more to invest in capital goods and also in areas that grow the economy and that is why we may not have too much luxury with the view of giving opportunities to the private sector to grow,” said Yatani.
He added that some of the sectors generate massive revenue that not only contributes to the country’s GDP but also improves the lives of those employed within the sector.
“We have to look at which has a multiplying effect on more than one intended objective such as the manufacturing sector since they register an enormous revenue,” said the CS National Treasury and Planning Ukur Yatani.
Under the 2019/2020 budget, the government allocated Sh1.1 billion for the development of textile and leather industrial park and a cotton development subsidy.
On SME’S the government allocated Sh1.7 billion to support those in the manufacturing sector, Sh0.4 billion to constituency Industrial development sectors and Sh1 billion to modernize facilities in the Kenya Industrial Research and development institute.
Yatani was speaking during the launch of public input on the sector’s budget proposals for the financial year 2020/2021.
The three-day hearing happening at the KICC will also focus on the completion of the big four agenda which is focused on allowing citizens to benefit from public investments.