Home Economy News Kenya tweaks 2022/23 spending, deficit estimates in supplementary budget

Kenya tweaks 2022/23 spending, deficit estimates in supplementary budget


Kenya tweaks 2022/23 spending, deficit estimates in supplementary budget By Reuters

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Economy 9 minutes ago (Feb 07, 2023 02:40AM ET)

(C) Reuters. FILE PHOTO: A customer conducts a mobile money transfer, known as M-Pesa, at a Safaricom agent stall, as he holds Kenyan shillings (KSh) in Nairobi, Kenya October 16, 2018. REUTERS/Thomas Mukoya/File Photo

NAIROBI (Reuters) – Kenya’s finance ministry has tweaked its spending and budget deficit estimates for the current fiscal year that ends in June to show a slight increase in overall expenditure but a narrower deficit.

Supplementary budget documents submitted to parliament showed overall spending was projected at 3.37 trillion shillings ($26.98 billion), from the 3.36 trillion shillings contained in the original budget presented to parliament in April last year.

The deficit for the 2022/23 fiscal year is now seen at 5.7% of gross domestic product (GDP), compared with 6.2% originally.

President William Ruto’s administration is trying to curb the deficit after public debt rose sharply under his predecessor, Uhuru Kenyatta, who oversaw an infrastructure construction drive.

The supplementary budget said net foreign financing was expected to be at 2.7% of GDP from the original 2% seen in April 2022. Net domestic financing is seen at 3% of GDP versus 4.2% originally.

Lawmakers are yet to approve the supplementary budget.

($1 = 124.9000 Kenyan shillings)

Kenya tweaks 2022/23 spending, deficit estimates in supplementary budget

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