Treasury publishes regulations on new tourism fund
Treasury yesterday published draft guidelines on a new fund that will be used to promote tourism.
The Tourism Promotion Fund will provide resources to support the development, marketing and branding of the tourism sector.
In the current financial year ending June 2019, National Treasury is expected to disburse Sh200 million to kickstart the fund.
Stakeholders including the public and professional bodies have until January 28 to give their input on the Public Finance Management (Tourism Promotion Fund) Regulations, 2018.
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“In October 2017, the National Treasury instituted an inter-agency technical task force to develop Public Finance Management (Tourism Promotion Fund) Regulations, 2018,” said Treasury Principal Secretary Kamau Thugge in a public notice.
“The task force has so far finalised developing the draft Public Finance Management (Tourism Promotion Fund) Regulations, 2018. The draft… regulations have been posted on the National Treasury website.”
To scale up promotion of tourism, the Government set aside Sh1 billion in the current financial year. Treasury Cabinet Secretary also allocated Sh340 million for sustaining new markets and sitting booths, Sh380 million for capital lending to hoteliers and Sh325 million for restoration of Fort Jesus.
The Government is keen on revamping tourism, which has been affected by terrorist attacks from 2015.
In its Budget Policy Statement of 2018/19, the Government said it wants to develop tourism products and market Kenya as a tourist destination, and provide efficient service delivery.
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In the first three months of the year, accommodation and food service activities were estimated to have expanded by 13.5 per cent compared to 24.5 per cent growth recorded in the first quarter of 2017.