The Cabinet has defended the budget for the Financial Year 2024/25 saying it is designed to accelerate the implementation of President William Ruto's Blueprint: the Bottom-Up Economic Transformation Agenda (BETA).
In a dispatch on Thursday following a cabinet meeting, the cabinet said the key highlights of the Sh3.91trn budget include the advancement of the realisation of economic and social rights.
This includes universal health coverage, freedom from hunger, education, clean water, and sanitation.
"The budget further positions the economy for export-led growth while allocating additional resources to facilitate production and completion of ongoing infrastructure projects," the dispatch reads.
Additionally, the Cabinet pointed out that the budget honours the Administration's commitment to nurture devolution and promote equity.
It also honours the commitment to inclusive development through enhanced allocations to County Governments, which is now at a record Sh400.1 billion.
Further, it was noted that the presentation of the FY 2024/25 budget represents the Administration's second budgeting cycle and it seeks to build upon the substantial progress achieved so far in revitalizing the economy.
"This progress is evidenced by key economic indicators such as inflation, exchange rate, balance of payments, fiscal policy, and monetary policy- which all point to sustained recovery and stable growth," the dispatch reads.
The proposed budget, it said, has consolidated efforts by the Kenya Kwanza administration to reduce the budget deficit by nearly 50 per cent.
The cabinet noted that this is in line with the administration's fiscal consolidation strategy which seeks to reduce government borrowing.
"This is realised through reduction of the deficit from Sh1 trillion in FY 2021/22, Sh925 billion in FY 2023/24 to Sh597 billion in FY 2024/25," the dispatch reads.
It is also in pursuit of the aspiration to achieve a balanced budget by 2027.