THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
Public Finance Management (PFM)
Theme: Challenges for Fiscal Year 2020-2021 and way forward
Date: 17th July 2020
Time: 16:00 – 17:00 Hours
The Fiscal Year 2020-21 commences against a backdrop of an expected global economic recession occasioned by COVID-19 pandemic. According to the IMF, the global economy is projected to experience negative growth rate of 3% in 2020.
Kenya is not spared either. Domestically, the National Treasury projects the economy to grow at a lower rate of 2.5% in 2020 down from the 5.4% growth recorded in 2019. This contraction is attributed to the impact of Covid-19 and attendant containment measures including ban on domestic and international travel, cessation of movement in some counties, ban on social gatherings among many others that have in a major way disrupted livelihood, businesses and the local value chain.