NAIROBI (Reuters) – Kenya’s 2019/20 (July-June) budget deficit is expected to fall to 4.7 percent of the gross domestic product from a revised 5.8 percent this fiscal year, a senior Treasury official said on Tuesday.
Thank you for reading this post, don't forget to subscribe!The East African nation’s government has been for ramping up borrowing and spending in recent years, leaving it with a fiscal deficit that peaked at 7 percent in the fiscal year that ended last June.
Kamau Thugge, the principal secretary at the Treasury, said at a public hearing on the country’s budget that the deficit was likely to drop to 2.8 percent of GDP by the 2022/23 fiscal year.
He said the government was likely to spend 2.81 trillion shillings ($27.40 billion) in the next fiscal year, up from a revised 2.47 trillion shillings in this financial year.
($1 = 102.5500 Kenyan shillings)
Reporting by George Obulutsa, writing by Duncan Miriri, editing by Larry King