Cabinet approves Ksh 60B supplementary budget

Cabinet approves Ksh 60B supplementary budget

The Cabinet has approved a mini-budget that will see various ministries, departments and agencies receive between 50 and 60 billion shillings in net additional funding between now and July.

Speaking on phone to Citizen Business, the Cabinet Secretary for National Treasury Henry Rotich said the Treasury will work out the finer details of how the requests for more funding will be financed.

He, however, indicated that the government does not intend to increase its borrowing from the domestic market to finance the supplementary budget.

Also approved by the Cabinet was the development of Dongo Kundu Special Economic Zone in Mombasa as an industrial and commercial hub with potential for the creation of many jobs for the youth.

At the same time, the Cabinet resolved to upgrade eight technical and vocational institutions across the country to national polytechnic status.

Another important decision made by Cabinet was the approval of the establishment of the African Minerals Development Centre in Nairobi.

The move is seen as part of a strategy to position Kenya as a hub for mining in East and Central Africa.

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