Treasury projects economy to rebound to 6.6pc next year

The National Treasury on Thursday officially started the FY2022/23 budget making process with a call on Kenyans to forward their recommendations on what should be included.

Speaking during the launch the FY2022/23 & Medium-Term budget preparation process, National Treasury and Planning Cabinet Secretary Ukur Yatani remained upbeat that the economy would rebound in the next fiscal year growing at a rate pf 6.6%.

According to Yatani however, COVID-19 pandemic and political activity are risks that could erode investor confidence and affect growth.

Treasury is also keen on ensuring that government projects are implemented smoothly despite an economic pressures occasioned by the COVID-19 scourge.

The 2022/2023 fiscal year falls within the general election cycle, making it necessary for policymakers to start the national budget preparation processes early to ensure that there is ample time for engagement with relevant stakeholders.

Policymakers plan to prioritize and allocate resources to areas that will address unemployment, health challenges and income inequalities occasioned by the COVID-19 pandemic.

The economy is expected to rebound to the government’s medium term growth targets of more than 6.6% in 2022 despite risks from coronavirus pandemic and politics ahead of the general election.

  

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