Tana River County Budget Review and Outlook Paper 2024

Abstract

The County Treasury has prepared the 2024 County Budget Review Outlook Paper (CBROP) to provide a review of the fiscal performance by the County Government of Tana River during the financial year 2023/2024. It compares the budget appropriations in the year under review and provides insight on recent economic developments and the expected economic and financial forecast. Additionally, it provides information to show changes from the forecast in the previous County Fiscal Strategy Paper (CFSP) of 2023 and the reasons for, impact and effects of said changes. The 2024 CBROP has been developed against a backdrop of stable global and domestic economic outlook. The Kenyan economy grew by 5.6 percent in 2023 up from 4.9 percent in 2022, a demonstration of resilience against shocks. The shocks include COVID-19 pandemic and its ensuing effects, conflict in Eastern Europe and Middle East that led to global supply chain disruptions and the adverse effects of climate change from the prolonged drought in 2021 to the floods in the first half of 2024. The growth momentum in the economy is projected to remain stable over the medium term. Growth is expected to moderate 5.2 percent in 2024 and 5.4 percent in 2025 from the 5.6 percent in 2023.