Machakos County Budget Review and Outlook Paper 2024

Abstract

The Machakos County Budget Review and Outlook Paper (CBROP) for 2024 has been prepared in compliance with Section 118 of the Public Financial Management Act, 2012. It’s one of the budget policy documents that enhance financial discipline and fiscal responsibilities within the county’s financial management framework as provided for in the Public Finance Management Act (PFM) Act 2012. Fiscal discipline will seek to ensure that the county’s development entities are able to work towards improving the residents’ livelihoods, enhancing financial efficiency and growth of the economy. The county is committed to maintain the trend of economic growth and development as desired by the residents. Towards this end, the county will always strive to ensure that there is transparency and accountability by providing feedback on the county’s performance. The County Budget Review and Outlook Paper (CBROP) presents the fiscal outcome for the previous Financial Year and how these outcomes affect financial objectives set out in that year’s County Fiscal Strategy Paper (CFSP). The County Budget Review and Outlook Paper (CBROP 2024) was prepared against the backdrop in the global and national economy marked by rising inflation which has increased the prices of basic commodities hence diminishing the purchasing power of people, high exchange rate which has affected the International trade leading to depreciation in the value of Kenyan currency hence huge deficit in balance of payment. The paper is prepared at a time when the Kenyan economy is recovering from a session that had been triggered by world economic and financial crisis due to war in Ukraine and Russia.