Inside Uhuru's Last Budget.

CS Yatani on Uhuru’s Transformation of the Economy.

Anthony Mutisya Anthony Mutisya
Apr 7, 2022 - 19:45
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Inside Uhuru's Last Budget.
National Treasury CS Ukur Yatani.

According to National Treasury Cabinet Secretary Ukur Yatani, the Kenyan GDP has grown by 155 percent since President Uhuru Kenyatta took office, from Ksh.5.3 trillion in 2013 to Ksh.13.5 trillion now.

CS Yatani stated that Kenya had made "monumental achievements, especially at the macroeconomic level," since the current government gained power in 2013.

“…implementation of socio-economic policies and structural reforms, have seen Kenya graduate from a low-income to a lower-middle-income country with an estimated per capita income of Ksh.244,099 in 2021. This is a significant leap of 92.1 per cent from the level of Ksh 127,065 in 2013,” the CS said.

National Treasury CS reading the 2022/2023 National Budget 

According to the CS some of the achievements by government include,

  1. Economic growth by 155 percent from the value of Ksh 5.3 trillion to Ksh 13.5 trillion in 2022
  2. Over the decade, the economy grew at a rate of 4.6 percent on average, with an astonishing recovery of 7.6 percent in 2021 after a decline of 0.3 percent in 2020 due to the COVID-19 pandemic.
  3. Cumulatively 5.1 million new jobs in both formal and informal sectors were created.
  4. The economy has remained macroeconomically stable, with the inflation rate maintaining within goal and interest rates remaining unchanged. From 7.2 percent in 2013 to 5.7 percent in 2021, the average annual inflation rate has decreased.
  5. In 2021, commercial banks' loans to the private sector increased by a factor of two, from Ksh 1.5 trillion to Ksh 3.1 trillion.
  6. The average term to maturity for Treasury bonds was successfully increased from 7.4 years in June 2013 to 9.0 years in March 2022. This has helped to enhance the maturity profile of domestic debt and reduce refinancing risk
  7. Ordinary revenue collection has more than doubled, rising from Ksh 0.8 trillion in 2012/13 to Ksh 1.8 trillion in 2020/21 and Ksh 2.0 trillion in 2021/22.
  8. The poverty prevalence rate declined from 36.1 percent in 2013 to 33.6 percent in 2019.

 

 

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