Budget Implementation Review Report Fourth Quarter 2011/2012

Publisher	Controller of Budget, Kenya
Year of Publication	2012
Category	Report Budget & Fiscal Plans
County	All/General
Description	This is the fourth quarter report on budget implementation by the Office of Controller of Budget for the financial year 2011/12. The OCoB, under the Constitution 2010 (Article 228(4)), is mandated to oversee the implementation of the budgets both at the national and county governments. The drought and unstable shilling led to high inflation rates that hit an all time high of 19.7 per cent in November 2011. This has steadily reduced to 12.2 per cent and 10.05 per cent in the month of May and June respectively. This is however higher than 9 per cent that was targeted by the BPS in the short-term and 5 per cent in the medium-term. To counter the inflation and stabilize the Kenyan shilling, the Central Bank of Kenya increased the base-lending rate from 6.25 per cent in May 2011 to 18.0 per cent in December 2011, which was maintained till June 2012. The total revised budget for the financial year 2011/2012 was Kshs. 1,170.5 billion comprising Kshs. 578.4 billion for recurrent, Kshs. 382.6 billion for development and Kshs. 209.5 billion for Consolidated Fund Services. This represents a one per cent increase over the printed estimates. In order to achieve the targets set in the Budget Policy Statement the government should develop clear and comprehensive guidelines for utilizing development funds efficiently by the MDAs that will ensure proper execution of projects and programmes to transform Kenya as envisaged in the Vision 2030 Development Blueprint.
Tags	Public Finance
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