Bungoma County Budget Review and Outlook Paper 2023

Abstract

The 2023 CBROP has been prepared pursuant to PFM Act, 2012 and its Regulations. The document provides an overview of the county’s financial performance for the FY 2022/23 including compliance with the fiscal responsibility principles and the financial objectives spelt out in the PFM Act, 2012. It also presents macroeconomic projections and the sector ceilings for the FY 2024/25 and the medium-term budget as well as information on variations from the projections outlined in the 2023 County Fiscal Strategy Paper (CFSP). The 2023 County Budget Review and Outlook Paper (CBROP) has been prepared against a backdrop of continued global uncertainties, reflecting high but easing inflationary pressures, weak global growth outlook, heightened geopolitical tensions particularly the conflict in Ukraine, concerns about financial sector stability in advanced economies, and increased food insecurity due to climate-related shocks. Global growth is projected to slow down to 3.0 percent in 2023 and 2024 from 3.5 percent in 2022, reflecting the impact of the tightening of monetary policy and escalation of geopolitical tensions particularly the ongoing war in Ukraine.