2018 budget speech in full
2 months ago, 14 June 14:41
BUDGET STATEMENT FY 2018/19
Creating Jobs, Transforming Lives and Sharing Prosperity
Mr. Speaker, it is my honour to present to this august House the FY 2018/19 Budget Statement. I make this Statement in fulfillment of the requirements of Section 40 of the Public Finance Management Act, 2012 and the Standing Order Number 241 of the National Assembly.
Mr. Speaker, this is the first budget following the conclusion of the general elections last year. Allow me to congratulate those who were re-elected and those who are serving for the first time in this august House. I look forward to working closely with all of you in order to achieve our development goals.
Mr. Speaker, while delivering his State of the Nation address early this year, H.E. President Uhuru Kenyatta reminded us of the journey we have travelled as a nation in building a stronger democratic society. This democracy has strengthened our collective belief in justice and our aspirations for an inclusive and shared prosperity.
Mr. Speaker, as a country we have come a long way since 2013. At that time, when H.E. President Uhuru Kenyatta took office in 2013, there were numerous constraints to economic growth. For example, we had huge infrastructure gaps in roads, rail and air transport as well as challenges at our ports. Our capacity to generate energy was limited mainly to unreliable hydro and costly thermal sources. We needed to modernize our education sector to enable training of skilled manpower. Our health facilities were overstretched with families struggling with communicable diseases, and inadequate modern treatment facilities. Above all, we faced a challenge of rolling out the devolved system of Government with 47 County Governments as enshrined in our Constitution.
Mr. Speaker, faced with these challenges, the Jubilee Administration designed and implemented an Economic Transformation Plan under five key pillars involving: (i) improving the business climate by maintaining macroeconomic stability, addressing security challenges, and reducing the cost of doing business; (ii) closing the infrastructure gaps; (iii) investing in key sectors such as manufacturing, agriculture and tourism; (iv) sharing prosperity by investing in pro-poor programmes in health, education and in social welfare programmes; and (v) fully supporting devolution. The Plan we chose in 2013 has worked and is delivering positive results to our people.
Mr. Speaker, let me mention a few of the key achievements under the Plan:
• During the past five years our economy has expanded by an average rate of 5.6 percent per year outperforming the average growth rate of the previous five years (2008-2012) and that of the global economy and of sub-Saharan Africa. We are now relishing the benefits of an expanded economy that is more competitive and well rated not only in the East African region but also in the whole of Africa;
• We have completed phase 1 of the Standard Gauge Railway (SGR). Today, Kenyans are enjoying cheaper and faster travels between Mombasa and Nairobi using Madaraka Express. In addition, the SGR freight service that started in January 2018, has ...
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