The Permanent Secretary and Secretary to the Treasury, Ministry of Finance, Planning and Economic Development, Ramathan Ggoobi, informed journalists that the country’s economy is recovering well from external & internal shocks.

Ggoobi revealed that the economy expanded to Sh184.89 trillion by the end of June 2023, growing at a rate of 5.2% in real terms. The cumulative revenue collections for the period July to December 2023 amounted to Shs.13.301 trillion against a target of Shs14.169 trillion, the PS further revealed.

The PSST reminded the country of the government’s commitment to fiscal consolidation which entails: boosting revenue collection, rationalizing government expenditure & controlling government borrowing.

Ggoobi was meeting journalists for the Q3 expenditure releases for Financial Year (FY) 2023/24 and giving an update on the State of the Economy.

He used the press conference to announce that government funding amounting to Shs4.974 trillion had been released for the third quarter of FY 2023/23. This money, Ggoobi said, excludes debt, external financing, and local revenue.

He said the released funds prioritized salary, pension and gratuity, security, social sectors of health and education, and critical capital expenditures.

Ggoobi encouraged all accounting officers to ensure that they pay wages, salaries, pensions & gratuity by the 28th of every month. He added that payrolls for salaries & pensions should be displayed on notice boards of government institutions.