Kenya’s ministry of Treasury has announced that it will this week embark on the budget making process for the 2019/2020 financial year. The exercise is the second step of a process that is expected to take at least two weeks.
Reports by The Star newspaper indicate that Transparency International will be keenly monitoring the process due to its importance, coming at a time when the Kenyan government is facing a rapid rise in its public debt which surpassed the Sh5 trillion mark in June.
‘’The Public Finance Management Act also requires that by 30th August every year, the Cabinet Secretary issues a circular defining how the public can participate in the budget making process in line with Section 35 of the Public Finance Management Act,’’ Transparency International said.
Kenya is currently under pressure from the international monetary fund to collect enough revenue that will help in its debt repayment. The IMF further is also expected to decide if Kenya has met its fiscal policy obligation to allow further access to precautionary facility of Sh150 billion that expires this week.