Six methods used by Kenyan government to control public finance
1. Budgeting: The Kenyan government creates annual budgets outlining its planned expenditures and sources of revenue. This helps control public finance by setting limits on spending and ensuring funds are allocated efficiently.
2. Oversight and accountability: The Kenyan government has various oversight bodies, such as the Auditor General's Office and the Parliamentary Budget Office, which monitor and evaluate government financial activities to ensure transparency and accountability.
3. Debt management: The government uses debt management strategies to control its borrowing and repayment obligations. This helps maintain fiscal discipline and ensures that debt levels are sustainable.
4. Revenue collection: The Kenyan government collects taxes and other revenues to fund public services and projects. Efficient revenue collection helps ensure that the government has adequate resources to meet its financial obligations.
5. Public procurement regulations: The government has put in place regulations and procedures governing public procurement to ensure that funds are spent in a transparent and accountable manner. This helps prevent corruption and misuse of public funds.
6. Public financial management reforms: The Kenyan government periodically undertakes reforms to improve public financial management practices and systems. This includes strengthening financial controls, enhancing budget execution processes, and implementing anti-corruption measures. These reforms help ensure that public funds are used effectively and efficiently.