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COFEK reacts to 2014/15 budget

13 June 2014, 10:45

Nairobi - The Consumer Federation of Kenya expressed reservations about this year’s budget, which it said was silent on key consumer issues.

A statement from the federation said that the organisation was however happy that there would be a review of the Competition Act and merging financial institutions under a regulatory and services authority.

It added that the focus on security, transport, education, environment and growing the overall economy impressive.

“Even then, the budget is disjointed,” read the Consumer Federation of Kenya statement.

The consumer body added that merely allocating more funds to the security sector might be a giant step but it was hardly enough.

“The security sector suffers from other key challenges especially reform. Talk of modernizing the security agencies has had little impact,” read the consumer body’s statement.

The consumer body holds that focus on free education, maternal care and laptops and other goodies without addressing quality of delivery of such services is not right.

Among the challenges that the federation mentioned was the raising in excess of Sh300 billion deficits.

The federation cast aspersions on how the ambitious budget will be funded saying that it could only mean more domestic borrowing, high cost of credit and inflation which issues will combine to dim the ambitious GDP growth.

The Consumer Federation also touched on the government’s silence on the impending Eurobond.

“The silence on the proceeds of the Euro Bond means that Kenyans will have to wait longer to know how the huge budget deficit will be realized,” stated the Consumer Federation of Kenya.

 – CAJ News

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