Bungoma County Fiscal Strategy Paper 2024

Abstract

The 2024 County Fiscal Strategy Paper (CFSP) is the second to be prepared under the third CIDP (2023-2027) as provided for under section 117 of PFM Act of 2012. It sets out the priority programs, policies and reforms to be implemented in the Medium-Term Expenditure Framework (MTEF). The paper has been aligned to key National and County policy documents that include Kenya Vision 2030, the Sustainable Development Goals (SDGs), National Government priorities under the MTP IV (2023-2027) Bungoma County Integrated Development Plan (CIDP 2023-2027) and Bungoma County Annual Development Plan (CADP 2024/2025). The CFSP is prepared against a backdrop of global economic slowdown underpinned by the challenges arising from global supply chain disruptions due to the prolonged Russia -Ukraine conflict, elevated global interest rates; and significant losses and damages due to frequent extreme weather events increasing fiscal pressures. As such, the global economy is projected to slow down to 3.0 percent in 2023 and 2.9 percent in 2024 from 3.5 percent in 2022 which is below the historical (2000–2019) average of 3.8 percent. The Kenyan economy slowed down to 4.8 percent in 2022 from 7.6 percent in 2021 but broadly aligned with the pre-pandemic decade average of 5.0 percent. The economy remained strong in the first three quarters of 2023, growing by an average of 5.6 percent, a demonstration of resilience. This growth was well above estimated global and Sub-Saharan African region average of 2.9 percent and 3.3 percent, respectively.