|Year of Publication||2013|
|Category||Consitution of Kenya Laws of Kenya Budget & Fiscal Plans|
|Description||This Budget Review and Outlook Paper (BROP), prepared in accordance with the Public Financial Management Act, 2012 is the first to be prepared under the New Administration. It presents the recent economic developments and actual fiscal performance of the FY 2012/2013 and makes comparisons to the budget appropriations for the same year. It further provides updated macro-economic and financial forecasts with sufficient information to show changes from the projections outlined in the latest Budget Policy Statement (BPS), released in April 2013.
In this Paper, we will also provide an overview of how the actual performance of the FY 2012/2013 affected our compliance with the fiscal responsibility principles and the financial objectives as detailed in the 2013 BPS.
Kenya has implemented sound economic management and reforms which have delivered huge pay-offs. Arising from the implementation of broad based reforms, our economic growth rate has recovered steadily from as low as 1.6 percent in 2008 to 4.6 percent in 2012. Real GDP growth is projected at 5.6 percent in 2013 and expected to rise to 7.0 percent in the Medium Term.
Kenya has continued to be rated favorably by various International Rating Agencies based on the strong reforms that we have adopted. The World Bank in their annual Country Policy and Institution Assessment Programme (June 2013) rated Kenya the best country in Sub Saharan Africa in terms of institutional quality and policy making reforms for poverty - reducing growth. Similarly, in the recently-released Global Competitiveness Report 2013/14, Kenya was rated among the top 100 most competitive countries in the world, having made the most improvement in Africa.
We are committed to maintain the trend of stable macroeconomic performance and ensure transparency by relaying our performance indicators to the public through this, and other publications, as required by the Constitution and the PFM Law.