President William Ruto has announced his administration’s commitment to reducing the budget deficit by Ksh328 billion. The decision, emanating from a pivotal Cabinet meeting chaired by the Head of State at State House, aims to build on the progress achieved under Ruto’s leadership.

Highlighting positive economic indicators such as inflation and fiscal policy, the Cabinet underscored the country’s stable economic growth trajectory. President Ruto emphasized the need to curtail government borrowing, with the proposed budget for the Financial Year 2024/25 set to reduce the deficit by nearly 50%.

“In pursuit of a balanced budget by 2027, the proposed budget consolidates efforts to slash the deficit from Ksh1 trillion in FY 2021/22 to Ksh597 billion in FY 2024/25,” stated President Ruto.

Furthermore, the budget aligns with Ruto’s bottom-up agenda, prioritizing universal healthcare, food security, education, and infrastructure development. The allocation of additional resources to vital sectors aims to stimulate export-led growth and propel economic transformation.

President Ruto affirmed that the country’s financial and economic management remains a top priority, with strategic measures laid out to drive Kenya’s progress. While this move may necessitate adjustments in future bills, experts anticipate a transformative impact on the nation’s fiscal outlook amid a projected revenue of Ksh3.44 trillion for FY 2024.