Bomet County Budget Review and Outlook Paper 2022

Abstract

This County Budget Review and Outlook Paper (CBROP) 2022 was prepared in accordance with section 118 of the Public Financial Management Act, 2012. The PFM law envisages production of a CBROP by the end of September each year. This review document covered the fiscal year ending 30th June 2022 and has focused on the progress made in FY 2021/2022 compared to similar review period in FY 2020/2021. The CBROP also reviews the fiscal outcome for FY 2021/22 and its effects on the financial objectives set out in the 2022/23 budget estimates submitted to the County Assembly on April 30, 2022. It provides a basis upon which to revise the 2022/23 budget in the context of the supplementary budget and set out the broad fiscal parameters for the next medium-term budget. The 2022 County Budget Review and Outlook Paper (CBROP) has been prepared against a background of a series of destabilizing shocks affecting world economy. After more than two years of the Covid-19 pandemic, the Russian Federation’s invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war in Ukraine is leading to soaring prices and volatility in energy markets, with improvements in activity in energy exporters more than offset by headwinds in most other economies.