Budget prep process launched

October 3, 2008

, NAIROBI, October 3 – Acting Finance Minister John Michuki on Friday launched the budget preparation process for the next fiscal year when he inaugurated sector working groups.

The minister called for increased transparency and better allocation of funds to various sectors, and emphasised the need to increase focus on the micro-economic factors that would spur growth for a wider group of people.

“I want to challenge officials in the ministry of planning and other relevant ministries to go to the especially densely populated areas and see how best the issues of these communities can be addressed within the budget to grow them to the next level,” Mr Michuki said.

He observed that unless focus is put on increasing the middle income level base in the country, it would not be possible to achieve the goals of the Vision 2030.He said in strengthening the budgetary process, Treasury had instituted broad-based public financial management reforms.

Mr Michuki said his ministry would spearhead the formulation of comprehensive public finance management legislation in order to entrench and sustain these reforms.

Meanwhile Mr Michuki said commonwealth countries will take a common stand at the forth coming World Bank/IMF discussions in Washington beginning October 12.

“I’m sure we will discuss the issue of high prices of fuel, food and the financial crisis in America but we as the commonwealth countries will have met and come up with a common stand on all these issues,” he said.

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