Treasury Allocates Sh40bn to Various State Departments Amid Finance Bill 2024 Withdrawal
Kenya: Treasury Allocates Sh40bn to Various State Departments
The Kenyan Treasury has allocated Sh40 billion to various state departments, a move that comes amid the withdrawal of the Finance Bill 2024.
Breakdown of the Allocation
The allocation is as follows:
- Education: Sh10 billion
- Health: Sh8 billion
- Infrastructure: Sh6 billion
- Security: Sh4 billion
- Energy: Sh2 billion
- Water and Sanitation: Sh1 billion
- Other departments: Sh9 billion
Reason for the Allocation
The allocation is aimed at supporting various sectors of the economy, including education, health, and infrastructure development.
Impact of the Allocation
The allocation is expected to have a positive impact on the economy, creating jobs and stimulating economic growth.
Withdrawal of Finance Bill 2024
The Finance Bill 2024, which was withdrawn from parliament, aimed to introduce various tax measures, including a 10% value-added tax (VAT) on imported goods.
Reason for Withdrawal
The bill was withdrawn due to concerns from various stakeholders, including businesses and civil society organizations, who argued that the proposed tax measures would increase the cost of living and affect economic growth.
Conclusion
In conclusion, the allocation of Sh40 billion to various state departments is a welcome move that is expected to have a positive impact on the economy. The withdrawal of the Finance Bill 2024 is also a positive development, as it shows that the government is willing to listen to the concerns of various stakeholders and make changes to its policies.
FAQs
Q: What is the allocation of Sh40 billion used for?
A: The allocation is used to support various sectors of the economy, including education, health, and infrastructure development.
Q: Why was the Finance Bill 2024 withdrawn?
A: The bill was withdrawn due to concerns from various stakeholders, including businesses and civil society organizations, who argued that the proposed tax measures would increase the cost of living and affect economic growth.
Q: What is the expected impact of the allocation?
A: The allocation is expected to have a positive impact on the economy, creating jobs and stimulating economic growth.
