President William Ruto yesterday led the inaugural Cabinet meeting of the year 2024 at State House, Nairobi.
Therefore,this meeting marks the beginning of the Cabinet’s calendar for the year and sets the stage for the implementation of key flagship programs under the Bottom-Up Economic Transformation Agenda (BETA)-
guiding the nation towards national renaissance.
Promoting National Renaissance:
Firstly,the BETA includes transformative programs such as Agricultural Transformation, MSMEs Development, Affordable Housing, Universal Health Coverage, Digital Economy, and Creative Economy.
However,these initiatives aim to drive economic growth, empower individuals and communities, and ensure the well-being of all citizens.
Treasury Single Account System Implementation:
In a move to enhance the management of public resources, the Cabinet approved the implementation of a Treasury Single Account (TSA) system for government banking.
However,this system, in accordance with the Constitution and the Public Finance Management (PFM) Act,
will consolidate and provide a consolidated view of cash balances across all government entities, strengthening expenditure controls and budgeting.
Enhancing Government Cash Management:
The TSA system, coupled with the Integrated Financial Management Information System (IFMIS) and Central Bank of Kenya Internet Banking (CBK-IB) system,
aims to improve government cash management, reduce the need for borrowing, and ensure transparency and accountability in public procurement.
Full Roll-out of Electronic Government Procurement (e-GP) System:
To enhance transparency and accountability in public procurement, the Cabinet sanctioned the full roll-out of the Electronic Government Procurement (e-GP) system.
Therefore,the system is expected to streamline the bidding process, promote open competition, and result in cost savings for public procurement.
Public-Private Partnerships (PPP) Regulations:
To catalyze private sector investments in the public sector, the Cabinet approved the Public-Private Partnerships Regulations, 2023.
These regulations provide procedural requirements for initiating, planning, procuring, and executing PPP projects, fostering effective partnerships between the public and private sectors.
Railway Bill and Railway Regulatory Authority:
To address under-investment in the railway sub-sector, the Cabinet approved The Railway Bill, 2024, aiming to separate the management of the railway sub-sector and repeal the 1978 Kenya Railways Act.
The enactment of this bill will establish the Railway Regulatory Authority, ensuring open access and licensing of operators, and facilitating business spin-offs.
Sovereign Green Bond Framework:
In line with sustainable financing and environmental objectives, the Cabinet approved the Sovereign Green Bond Framework.
Meanwhile,this framework aims to attract non-traditional institutional investors and finance green economic growth,
including climate-resilient infrastructure, alternative food and water sources, and the advancement of green technologies.
African Legal Support Facility Agreement:
The Cabinet approved the ratification of the African Legal Support Facility Agreement.
Further,it will enhance Kenya’s public sector legal proficiency in complex commercial transactions, natural resources, extractive industries, high capital investment, and debt management.
National Green Fiscal Incentives Policy Framework:To steer Kenya towards low-carbon and climate-resilient green development, the Cabinet approved the National Green Fiscal Incentives Policy Framework.
Additionally,this policy aims to correct environmental externalities, support national climate change goals, and promote clean energy investments, generating additional revenues and driving private investments in climate-friendly projects.
Kenya Social Protection Policy and Social Protection Bill:
Consequently,In adherence to socio-economic rights and constitutional dictates, the Cabinet approved the Kenya Social Protection Policy, 2023, and the Social Protection Bill, 2024.
Therefore,these initiatives seek to institutionalize state interventions to cushion vulnerable members of society, address socio-economic risks,
