Kenya is to spend 72 million Sterling (172 million US dollars) on capital development projects in its 1973-74 budget.
Kenya is to spend 72 million Sterling (172 million US dollars) on capital development projects in its 1973-74 budget. The new budget was presented in the National Assembly on Thursday (14 June) by Finance and Economic Planing Minister Mwai Kibaki.
As in previous years, roads will take the biggest alice -- 19 million sterling (45 million U.S. dollars) -- of the new budget, which comes into effect on 1 July. Agriculture and animal husbandry is next highest on the list, being allocated 8 million Sterling (19 million U.S. dollars).
In his annual economic survey, released on 7 June, Mr. Kibaki said that at a time when many African countries faced mounting difficulties Kenya's economy continued buoyant.
He described 1972 as a boom year for Kenyan agriculture, with the gross domestic product for the country rising 12.3 per cent. Mr. Kibaki said he expected 1973 to be an equally good year, with world prices for the main Kenyan exports of coffee, sisal, tea and pyrethrum remaining high.
The economic survey revealed that the Kenyan economy was growing at an annual rate of seven per cent.