Nairobi, Kenya – (African Boulevard News) – Kenya’s lawmakers have passed the country’s largest budget in history. The 2023-2024 budget, which was passed on Thursday, 15th June 2023, is set to be financed by a battery of new taxes. These taxes will range from imported fish to beauty products to gambling and should generate 2 billion euros in revenue for the country.
The new budget is a landmark moment for Kenya’s economy. It comes on the back of two years of solid economic growth, and the government is hoping that the increased spending will help to further boost the country’s economy. It is also hoped that the new taxes will help to reduce the country’s dependency on foreign loans.
The new budget includes increased spending on infrastructure, healthcare, and education. This includes the construction of new roads, hospitals, and schools across the country. There will also be more funding for small businesses and farmers, which will hopefully help to create more jobs and stimulate economic growth in rural areas.
Nairobi-based economist, Ken Mwangi, said, “This is a very ambitious budget, but it is also a necessary step if we want to continue to grow our economy and reduce our dependency on foreign loans. The increased spending on infrastructure and other key areas should help to create new opportunities for businesses and boost economic growth across the country.”
He added, “The government has done well to introduce a range of new taxes to help finance the budget. While some people may be unhappy about paying more for certain goods and services, it is important to remember that this money will be reinvested into the country’s economy.”
Despite the positive news, the new budget has also faced criticism from opposition politicians and some members of the public. Some have argued that the new taxes will hit the poorest members of society the hardest, while others have questioned whether the government will be able to deliver on its ambitious spending plans.
Overall, however, the passing of the new budget is a significant moment for Kenya and its economy. With increased investment in key areas and a range of new taxes to finance the spending, the government is hoping that the country will continue to grow and prosper in the years to come.
