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Prime
Treasury cuts project budget by more than Sh200bn
Economic growth and creation of jobs likely to suffer in the decision tied to slow absorption of funds. PHOTO | FILE
Development spending in the current financial year has been cut by more than Sh200 billion in what could slow down economic growth and dim jobs growth.
According to the draft Budget Policy Statement (BPS), project spending will drop from the initial budget of Sh817 billion to Sh600 billion. The expenditure cuts are linked to delayed projects and slow absorption of funds, the statement says.
